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.61900 - 61700 levels whereas resistance is at Rs.62300 - 62500 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.70100 - 69700 levels whereas resistance is at Rs.70900 - 71300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 5960 - 5860 levels whereas resistance is at Rs. 6130 - 6230 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.712 – 708 levels whereas resistance is at Rs.720 - 724 levels.
CHART OF THE DAY:
MCX-COPPER (DAILY CHART):
Strategy: Intraday:
* COPPER 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 712 - 708 level and resistance at 720 - 724. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 712 - 708 levels on lower side.
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