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.71400 - 71100 levels whereas resistance is at Rs.72000 - 72300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.88500 - 87500 levels whereas resistance is at Rs.90500 - 91500 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6630 - 6530 levels whereas resistance is at Rs. 6830 - 6930 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.848 – 842 levels whereas resistance is at Rs.860 - 866 levels
CHART OF THE DAY
MCX-CRUDE OIL (DAILY CHART)
Strategy: Intraday
* CRUDE OIL 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 6630 - 6530 level and resistance at 6830 - 6930. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6830 - 6930 levels on higher side.
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