MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
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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.71100 - 70800 levels whereas resistance is at Rs.71700 - 72000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.87700 - 86700 levels whereas resistance is at Rs.89800 - 90800 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6220 - 6120 levels whereas resistance is at Rs. 6420 - 6520 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.845 – 837 levels whereas resistance is at Rs.860 - 868 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 845 - 837 level and resistance at 860 - 868. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 845 - 837 levels on lower side.
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