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MCX Gold is likely to trade with positive bias during today`s trading session - Monarch Networth Capital
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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.61600 - 61400 levels whereas resistance is at Rs.62000 - 62200 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71000 - 70500 levels whereas resistance is at Rs.72000 - 72500 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 5930 - 5850 levels whereas resistance is at Rs. 6080 - 6150 levels.
* MCX Copper is likely to trade with sideway to positive bias during today’s trading session. Support is at Rs.713 – 709 levels whereas resistance is at Rs.721 - 725 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with positive bias during the last trading session; but prices are trading below upward trend line.
* For Intraday session immediate support is at 713 - 709 level and resistance at 721 - 725. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 721 - 725 levels on higher side.
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