MCX Gold is likely to trade with positive bias during today`s trading session - Monarch Networth Capital Ltd
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with positive bias during today’s trading session. Support is at Rs.71300 - 71000 levels whereas resistance is at Rs.71900 - 72200 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.82200 - 81500 levels whereas resistance is at Rs.83500 - 84200 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 7000 - 6900 levels whereas resistance is at Rs. 7200 - 7300 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.812 – 806 levels whereas resistance is at Rs.824 - 830 levels.
CHART OF THE DAY
MCX-GOLD (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session; and prices are trading above trend line.
* For Intraday session immediate support is at 71300 - 71000 level and resistance at 71900 - 72200. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 71900 - 72200 levels on higher side.
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