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 - 59900 levels whereas resistance is at Rs.60500 - 60700 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.70900 - 70400 levels whereas resistance is at Rs.71800 - 72300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6270 - 6170 levels whereas resistance is at Rs. 6470 - 6570 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.700 – 696 levels whereas resistance is at Rs.709 - 713 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 6270 - 6170 level and resistance at 6470 - 6570. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6270 - 6170 levels on lower side
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