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.71300 - 71100 levels whereas resistance is at Rs.71900 – 72100 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.82800 - 82000 levels whereas resistance is at Rs.84200 - 85000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5710 - 5660 levels whereas resistance is at Rs. 5840 - 5900 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.777 – 772 levels whereas resistance is at Rs.787 - 792 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with positive bias during the last trading session; but prices are trading below downward trend line.
* For Intraday session immediate support is at 5710 – 5660 level and resistance at 5840 –5900. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5710 – 5660 levels on lower side.
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