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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.61800 - 61600 levels whereas resistance is at Rs.62200 - 62400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71400 - 71000 levels whereas resistance is at Rs.72300 - 72700 levels.
* MCX Crude Oil is likely to trade with positive bias during today’s trading session. Support is at Rs. 6170 - 6100 levels whereas resistance is at Rs. 6330 - 6400 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.718 – 714 levels whereas resistance is at Rs.726 - 730 levels
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 6170 - 6100 level and resistance at 6330 - 6400. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 6330 - 6400 levels on higher side.
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