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MCX Gold is likely to trade with sideways to positive bias during today`s trading session - Monarch Networth Capital
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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.70900 - 70600 levels whereas resistance is at Rs.71300 - 71600 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.82400 - 81900 levels whereas resistance is at Rs.83400 - 83900 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6500 - 6400 levels whereas resistance is at Rs. 6700 - 6800 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.850 – 845 levels whereas resistance is at Rs.860 - 865 levels.
CHART OF THE DAY
MCX-SILVER (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with mild positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 82400 - 81900 level and resistance at 83400 - 83900. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 83400 - 83900 levels on higher side.
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