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.60600 - 60400 levels whereas resistance is at Rs.61100 - 61300 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.71700 - 71200 levels whereas resistance is at Rs.72800 - 73300 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.6720 - 6620 levels whereas resistance is at Rs. 6930 - 7030 levels.
* MCX Copper is likely to trade with sideways to 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
* 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 71700 - 71200 level and resistance at 72800 - 73300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 71700 - 71200 levels on lower side.
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