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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.62300 - 62100 levels whereas resistance is at Rs.62700 - 62900 levels.
* MCX Silver is likely to trade with 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 positive bias during today’s trading session. Support is at Rs.6000 - 5920 levels whereas resistance is at Rs. 6160 - 6240 levels.
* MCX Copper is likely to trade with sideway to positive bias during today’s trading session. Support is at Rs.724 – 720 levels whereas resistance is at Rs.732 - 736 levels
CHART OF THE DAY
Strategy: Intraday
* SILVER 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 72000 - 71600 level and resistance at 72900 - 73300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 72000 - 71600 levels on lower side.
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