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 - 60300 levels whereas resistance is at Rs.60900 - 61100 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.72800 - 72300 levels whereas resistance is at Rs.73800 - 74300 levels.
* MCX Crude Oil is likely to trade with negative bias during today’s trading session. Support is at Rs.5950 - 5850 levels whereas resistance is at Rs. 6150 - 6250 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.704 – 700 levels whereas resistance is at Rs.713 - 717 levels.
CHART OF THE DAY
Strategy: Intraday
* CRUDE OIL prices traded with negative bias during the last trading session; and prices are trading below upward trend line.
* For Intraday session immediate support is at 5950 - 5850 level and resistance at 6150 - 6250. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 5950 - 5850 levels on lower side.
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