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.60100 - 60000 levels whereas resistance is at Rs.60700 - 60800 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.70100 - 69600 levels whereas resistance is at Rs.71100 - 71600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6420 - 6320 levels whereas resistance is at Rs. 6630 - 6730 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.703 – 700 levels whereas resistance is at Rs.712 - 715 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 70100 - 69600 level and resistance at 71100 - 71600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 70100 - 69600 levels on lower side
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