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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.59500 - 59900 levels whereas resistance is at Rs.60000 - 60200 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.69600 - 69200 levels whereas resistance is at Rs.70400 - 70800 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6350 - 6250 levels whereas resistance is at Rs. 6550 - 6650 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.694 – 690 levels whereas resistance is at Rs.702 - 706 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER 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 694 - 690 level and resistance at 702 - 706. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 694 - 690 levels on lower side.
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