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.59900 - 59700 levels whereas resistance is at Rs.60300 - 60500 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71800 - 71300 levels whereas resistance is at Rs.72800 - 73300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6350 - 6250 levels whereas resistance is at Rs. 6550 - 6650 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.707 – 703 levels whereas resistance is at Rs.715 - 719 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL 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 6350 - 6250 level and resistance at 6550 - 6650. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6350 - 6250 levels on lower side
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