MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital Ltd
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.76200 - 75900 levels whereas resistance is at Rs.76500 – 76800 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.89000 - 88000 levels whereas resistance is at Rs. 90500 - 91300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5720 - 5660 levels whereas resistance is at Rs. 5850 - 5910 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.801 – 795 levels whereas resistance is at Rs.813 - 819 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with mild positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 5720 – 5660 level and resistance at 5850 – 5910. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5720 – 5660 levels on lower side.
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