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.62800 - 63000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.72100 - 71600 levels whereas resistance is at Rs.73100 - 73600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 5930 - 5850 levels whereas resistance is at Rs. 6070 - 6150 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.711 – 707 levels whereas resistance is at Rs.719 - 723 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* COPPER prices traded with positive bias during the last trading session; but prices are trading below upward trend line.
* For Intraday session immediate support is at 711 - 707 level and resistance at 719 - 723. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 711 - 707 levels on lower side.
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