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.78300 - 78000 levels whereas resistance is at Rs.79000 – 79400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.96500 - 95000 levels whereas resistance is at Rs.99000 - 100000 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 5650 - 5600 levels whereas resistance is at Rs. 5820 - 5900 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.832 – 826 levels whereas resistance is at Rs.844 - 850 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* COPPER prices traded with mild positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 832 – 826 level and resistance at 844 – 850. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 832 – 826 levels on lower side
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