MCX Silver is likely to trade with sideways to negative bias during today`s trading session - Monarch Networth Capital
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COMMODITY TECHNICAL OUTLOOK
* MCX Gold is likely to trade with negative bias during today’s trading session. Support is at Rs.70900 - 70600 levels whereas resistance is at Rs.71400 - 71700 levels.
* MCX Silver is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.86000 - 85000 levels whereas resistance is at Rs.88000 - 89000 levels.
* MCX Crude Oil is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs. 6700 - 6800 levels whereas resistance is at Rs. 6900 - 7000 levels.
* MCX Copper is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.836 – 830 levels whereas resistance is at Rs.848 - 854 levels.
CHART OF THE DAY
MCX-GOLD (DAILY CHART)
Strategy: Intraday
* GOLD 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 70900 - 70600 level and resistance at 71400 - 71700. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 70900 - 70600 levels on lower side.
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