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.68200 - 67900 levels whereas resistance is at Rs.68800 - 69100 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.84000 - 83000 levels whereas resistance is at Rs.86000 - 87000 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 6380 - 6300 levels whereas resistance is at Rs. 6530 - 6600 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.802 – 797 levels whereas resistance is at Rs.813 - 818 levels.
Strategy: Intraday
* COPPER 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 802 – 797 level and resistance at 813 – 818. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 802 – 797 levels on lower side
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
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