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 - 77900 levels whereas resistance is at Rs.79000 – 79300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.98000 - 96500 levels whereas resistance is at Rs.101500 - 103000 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 5940 - 5840 levels whereas resistance is at Rs. 6140 - 6240 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.812 – 807 levels whereas resistance is at Rs.824 - 829 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 upward trend line.
* For Intraday session immediate support is at 78300 – 77900 level and resistance at 79000 – 79300. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 79000 – 79300 levels on higher side.
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