MCX Gold is likely to trade with sideways to negative bias during today trading session - Monarch Networth Capital
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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.62200 - 62000 levels whereas resistance is at Rs.62800 - 63000 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.69800 - 69400 levels whereas resistance is at Rs.70600 - 71000 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6050 - 5980 levels whereas resistance is at Rs. 6220 - 6300 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.707 – 703 levels whereas resistance is at Rs.715 - 719 levels.
CHART OF THE DAY:
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 6050 - 5980 level and resistance at 6220 - 6300. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6220 - 6300 levels on higher side.
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