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MCX Gold is likely to trade with sideways to positive - 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.65800 - 65600 levels whereas resistance is at Rs.66200 - 66400 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.74500 - 74000 levels whereas resistance is at Rs.75400 - 75800 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6720 - 6620 levels whereas resistance is at Rs. 6920 - 7020 levels.
* MCX Copper is likely to trade with negative bias during today’s trading session. Support is at Rs.756 – 752 levels whereas resistance is at Rs.764 - 768 levels.
Strategy: Intraday
* COPPER prices traded with mild positive bias during the last trading session; and prices are trading below resistance trend line.
* For Intraday session immediate support is at 756 - 752 level and resistance at 764 - 768. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 756 - 752 levels on lower side.
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