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.68600 - 68300 levels whereas resistance is at Rs.69100 - 69400 levels.
* MCX Silver is likely to trade with negative bias during today’s trading session. Support is at Rs.84000 - 83000 levels whereas resistance is at Rs.86000 - 87000 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 6440 - 6360 levels whereas resistance is at Rs. 6580 - 6660 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.794 – 788 levels whereas resistance is at Rs.805 - 811 levels.
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 794 – 788 level and resistance at 805 – 811. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 794 – 788 levels on lower side.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
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