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.59800 - 59700 levels whereas resistance is at Rs.60200 - 60300 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.70500 - 70000 levels whereas resistance is at Rs.71500 - 72000 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.6170 - 6070 levels whereas resistance is at Rs. 6370 - 6470 levels.
* MCX Copper is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.700 – 696 levels whereas resistance is at Rs.709 - 713 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 6170 - 6070 level and resistance at 6370 - 6470. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 6170 - 6070 levels on lower side
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