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.73600 - 73300 levels whereas resistance is at Rs.74200 – 74500 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.87400 - 86400 levels whereas resistance is at Rs.89400 - 90400 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5610 - 5550 levels whereas resistance is at Rs. 5720 - 5780 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.789 – 783 levels whereas resistance is at Rs.801 - 807 levels..
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 5610 – 5550 level and resistance at 5720 – 5780. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5610 – 5550 levels on lower side.
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