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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.62400 - 62100 levels whereas resistance is at Rs.63000 - 63300 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.72000 - 71600 levels whereas resistance is at Rs.72900 - 73300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5960 - 5900 levels whereas resistance is at Rs. 6120 - 6180 levels.
* MCX Copper is likely to trade with sideway to negative bias during today’s trading session. Support is at Rs.721 – 717 levels whereas resistance is at Rs.730 - 734 levels.
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 721 - 717 level and resistance at 730 - 734. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 721 - 717 levels on lower side.
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