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.71600 - 71300 levels whereas resistance is at Rs.72100 - 72400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.84400 - 84000 levels whereas resistance is at Rs.85300 - 85700 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6500 - 6400 levels whereas resistance is at Rs. 6700 - 6800 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.878 – 874 levels whereas resistance is at Rs.887 - 891 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* COPPER 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 878 - 874 level and resistance at 887 - 891. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 887 - 891 levels on higher side.
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