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GOLD

Gold opened with an upward gap and formed shadows on either side indicating lack of direction among market participant.Gold closed at 49319 with a gain of 169 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. However prices is respecting the strong support zone of 49000 level from past few days indicating demand zone near the mentioned level. We may expect short covering around the mentioned level as long as 48800 level is intact on the lower side

BUY GOLD OCT AROUND 49000 SL BELOW 48800 TGT 49250

COPPER

Copper opened with an upward gap however selling pressure throughout the session led it to close near day's low. Copper closed at 626.6 with a loss of 1.4 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. The It continues to move in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias. Strong support zone in Copper is seen around 625 level. Breakdown below the mentioned level may drag prices lower towards 621 on intraday basis.

SELL COPPER OCT BELOW 625 SL ABOVE 628 TGT 621

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