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.69500 - 69200 levels whereas resistance is at Rs.70100 – 70400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.81500 - 80500 levels whereas resistance is at Rs.83600 - 84600 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6030 - 5950 levels whereas resistance is at Rs. 6220 - 6300 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.788 – 782 levels whereas resistance is at Rs.800 - 806 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL 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 6030 – 5950 level and resistance at 6220 – 6300. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6030 – 5950 levels on lower side.
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