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.72000 - 71700 levels whereas resistance is at Rs.72700 - 73000 levels.
* MCX Silver is likely to trade with positive bias during today’s trading session. Support is at Rs.95200 - 94200 levels whereas resistance is at Rs.97200 - 98200 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs. 6520 - 6420 levels whereas resistance is at Rs. 6720 - 6820 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.893 – 883 levels whereas resistance is at Rs.913 - 923 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* SILVER prices traded with positive bias during the last trading session; and prices are trading above upward trend line.
* For Intraday session immediate support is at 95200 - 94200 level and resistance at 97200 - 98200. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 97200 - 98200 levels on higher side.
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