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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.71700 - 71500 levels whereas resistance is at Rs.72100 – 72300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.83000 - 82200 levels whereas resistance is at Rs.84500 - 85200 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 5460 - 5400 levels whereas resistance is at Rs. 5600 - 5660 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.780 – 775 levels whereas resistance is at Rs.790 - 795 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 5460 – 5400 level and resistance at 5600 –5660. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5460 – 5400 levels on lower side.
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