03-06-2024 09:50 AM | Source: Monarch Networth Capital
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 negative bias during today’s trading session. Support is at Rs.90600 - 89600 levels whereas resistance is at Rs.92600 - 93600 levels.

* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6340 - 6240 levels whereas resistance is at Rs. 6540 - 6640 levels.

* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.865 – 857 levels whereas resistance is at Rs.880 - 887 levels

CHART OF THE DAY

MCX-CRUDE OIL (DAILY CHART)

 

Strategy: Intraday

* CRUDE OIL 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 6340 - 6240 level and resistance at 6540 - 6640. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6340 - 6240 levels on lower side.

 

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