MCX Gold is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital Ltd
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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.60800 - 60600 levels whereas resistance is at Rs.61200 - 61400 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.72300 - 71800 levels whereas resistance is at Rs.73300 - 73800 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.6270 - 6170 levels whereas resistance is at Rs. 6480 - 6580 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.709 – 705 levels whereas resistance is at Rs.717 - 721 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below upper channel trend line.
* For Intraday session immediate support is at 709 - 705 level and resistance at 717 - 721. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 709 - 705 levels on lower side.
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