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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.61700 - 61500 levels whereas resistance is at Rs.62100 - 62300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.70400 - 70000 levels whereas resistance is at Rs.71300 - 71700 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6180 - 6100 levels whereas resistance is at Rs. 6330 - 6400 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.711 – 707 levels whereas resistance is at Rs.719 - 723 levels.
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 6180 - 6100 level and resistance at 6330 - 6400. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6330 - 6400 levels on higher side.
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