MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital Ltd
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.70800 - 70500 levels whereas resistance is at Rs.71500 – 71800 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.83000 - 82300 levels whereas resistance is at Rs.84400 - 85100 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6080 - 6000 levels whereas resistance is at Rs. 6220 - 6300 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.788 – 782 levels whereas resistance is at Rs.800 - 806 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 788 – 782 level and resistance at 800 – 806. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 788 – 782 levels on lower side
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