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.63000 - 62800 levels whereas resistance is at Rs.63400 - 63600 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.74000 - 73600 levels whereas resistance is at Rs.74800 - 75200 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.5920 - 5850 levels whereas resistance is at Rs. 6080 - 6150 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.726 – 722 levels whereas resistance is at Rs.734 - 738 levels.
CHART OF THE DAY
Strategy: Intraday
* SILVER prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 74000 - 73600 level and resistance at 74800 - 75200. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 74000 - 73600 levels on lower side.
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