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.70400 - 70100 levels whereas resistance is at Rs.71000 - 71300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.80500 - 80000 levels whereas resistance is at Rs.81500 - 82000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6450 - 6350 levels whereas resistance is at Rs. 6650 - 6750 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.850 – 845 levels whereas resistance is at Rs.860 - 865 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 6450 - 6350 level and resistance at 6650 - 6750. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6450 - 6350 levels on lower side.
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