MCX Silver is likely to trade with sideways to positive 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.56800 - 56600 levels whereas resistance is at Rs.57400 - 57600 levels.
* MCX Silver is likely to trade with sideways to positive bias during today’s trading session. Support is at Rs.71000 - 69700 levels whereas resistance is at Rs.72100 - 72600 levels.
* MCX Crude Oil is likely to trade with sideways to negative bias during today’s trading session. Support is at Rs.7520 - 7420 levels whereas resistance is at Rs. 7720 - 7820 levels.
* MCX Copper is likely to trade with positive bias during today’s trading session. Support is at Rs.716 – 712 levels whereas resistance is at Rs.724 - 728 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 upward trend line.
* For Intraday session immediate support is at 56800 - 56600 level and resistance at 57400 - 57600. Any pullback towards resistance level should be taken as selling opportunity targeting immediate support of 56800 - 56600 levels on lower side.
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