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.62500 - 62200 levels whereas resistance is at Rs.62900 - 63100 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.71800 - 71400 levels whereas resistance is at Rs.72600 - 73000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6220 - 6150 levels whereas resistance is at Rs. 6380 - 6450 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.729 – 725 levels whereas resistance is at Rs.737 - 741 levels
CHART OF THE DAY:
MCX-SILVER (DAILY CHART):
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 71800 - 71400 level and resistance at 72600 - 73000. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 71800 - 71400 levels on lower side.
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