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.77100 - 76800 levels whereas resistance is at Rs.77500 – 77800 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.91300 - 90300 levels whereas resistance is at Rs.93300 - 94300 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6050 - 6000 levels whereas resistance is at Rs. 6200 - 6250 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.844 – 838 levels whereas resistance is at Rs.856 - 862 levels.
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 6050 – 6000 level and resistance at 6200 – 6250. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6200 – 6250 levels on higher side.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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