MCX Gold is likely to trade with sideways to positive 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 positive bias during today’s trading session. Support is at Rs.74700 - 74400 levels whereas resistance is at Rs.75200 – 75500 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.88300 - 87300 levels whereas resistance is at Rs.90300 - 91300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5710 - 5650 levels whereas resistance is at Rs. 5840 - 5900 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.800 – 795 levels whereas resistance is at Rs.811 - 816 levels
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with mild positive bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 5710 – 5650 level and resistance at 5840 – 5900. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5710 – 5650 levels on lower side.
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