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.78100 - 77800 levels whereas resistance is at Rs.78800 – 79200 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.93600 - 92600 levels whereas resistance is at Rs.95600 - 96600 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 5980 - 5900 levels whereas resistance is at Rs. 6120 - 6200 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.854 – 848 levels whereas resistance is at Rs.865 - 871 levels.
Strategy: Intraday
* GOLD 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 78100 – 77800 level and resistance at 78800 – 79200. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 78800 – 79200 levels on higher side.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
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