MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.71200 - 70900 levels whereas resistance is at Rs.71800 - 72100 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.87800 - 86800 levels whereas resistance is at Rs.89800 - 90800 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6550 - 6450 levels whereas resistance is at Rs. 6750 - 6850 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.842 – 835 levels whereas resistance is at Rs.855 - 862 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 6550 - 6450 level and resistance at 6750 - 6850. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6750 - 6850 levels on higher side.
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