MCX Gold is likely to trade with sideways to positive bias during today`s trading session - Monarch Networth Capital Ltd
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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.60500 - 60200 levels whereas resistance is at Rs.61000 - 61300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.72300 - 71700 levels whereas resistance is at Rs.73500 - 74000 levels
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.7250 - 7150 levels whereas resistance is at Rs. 7450 - 7550 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.692 – 688 levels whereas resistance is at Rs.701 - 705 levels.
CHART OF THE DAY
Strategy: Intraday
* COPPER prices traded with negative bias during the last trading session; and prices are trading below downward trend line.
* For Intraday session immediate support is at 692 - 688 level and resistance at 701 - 705. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 692 - 688 levels on lower side.
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