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.71100 - 70800 levels whereas resistance is at Rs.71500 - 71800 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.82500 - 82000 levels whereas resistance is at Rs.83500 - 84000 levels
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6450 - 6350 levels whereas resistance is at Rs. 6650 - 6750 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.861 – 856 levels whereas resistance is at Rs.871 - 876 levels.
CHART OF THE DAY
MCX-COPPER (DAILY CHART)
Strategy: Intraday
* GOLD prices traded with positive bias during the last trading session; and prices are trading above downward trend line.
* For Intraday session immediate support is at 71100 - 70800 level and resistance at 71500 - 71800. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 71500 - 71800 levels on higher side.
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