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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.75100 - 74800 levels whereas resistance is at Rs.75700 – 76000 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.8800 - 87000 levels whereas resistance is at Rs.90100 - 91100 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 5700 - 5650 levels whereas resistance is at Rs. 5800 - 5850 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.815 – 810 levels whereas resistance is at Rs.827 - 832 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER 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 88000 – 87000 level and resistance at 90100 – 91100. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 88000 – 87000 levels on lower side.
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