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.62100 - 61900 levels whereas resistance is at Rs.62500 - 62700 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.70000 - 69500 levels whereas resistance is at Rs.70900 - 71400 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs. 6250 - 6150 levels whereas resistance is at Rs. 6450 - 6550 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.725 – 720 levels whereas resistance is at Rs.735 - 740 levels.
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; but prices are trading above upward trend line.
* For Intraday session immediate support is at 725 - 720 level and resistance at 735 - 740. Any pullback towards support level should be taken as buying opportunity targeting immediate resistance of 735 - 740 levels on higher side.
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