MCX Gold is likely to trade with sideways to positive bias during today`s trading session - Monarch Networth Capital
COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.72000 - 71700 levels whereas resistance is at Rs.72500 - 72800 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.93200 - 92200 levels whereas resistance is at Rs.95000 - 95900 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6400 - 6320 levels whereas resistance is at Rs. 6570 - 6650 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.870 – 864 levels whereas resistance is at Rs.882 - 888 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 6400 - 6320 level and resistance at 6570 - 6650. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6400 - 6320 levels on lower side.
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