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.59800 - 59600 levels whereas resistance is at Rs.60200 - 60400 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.71100 - 70600 levels whereas resistance is at Rs.72100 - 72700 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6350 - 6250 levels whereas resistance is at Rs. 6550 - 6650 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.704 – 700 levels whereas resistance is at Rs.712 - 716 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 downward trend line.
* For Intraday session immediate support is at 59800 - 59600 level and resistance at 60200 - 60400. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 60200 - 60400 levels on higher side.
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