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MCX Gold is likely to trade with positive bias during today`s trading session - Monarch Networth Capital Ltd
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.71500 - 71200 levels whereas resistance is at Rs.72000 – 72300 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.83000 - 82300 levels whereas resistance is at Rs.84800 - 85800 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6220 - 6150 levels whereas resistance is at Rs. 6380 - 6450 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.805 – 799 levels whereas resistance is at Rs.816 - 822 levels.
CHART OF THE DAY
MCX-GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with mild negative bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 71500 – 71200 level and resistance at 72000 – 72300. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 72000 – 72300 levels on higher side.
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