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.73000 - 72700 levels whereas resistance is at Rs.73700 - 74000 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.92100 - 91100 levels whereas resistance is at Rs.94100 - 95100 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6800 - 6700 levels whereas resistance is at Rs. 7000 - 7100 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.863 – 857 levels whereas resistance is at Rs.875 - 881 levels.
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL prices traded with mild negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 6800 – 6700 level and resistance at 7000 – 7100. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6800 – 6700 levels on lower side.
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