Sell Gold Around 50350 SL ABOVE 50550 TGT 50100/49800 - Axis Securities
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GOLD
Gold prices opened on a flat note. Buying momentum in the second half of the session pushed prices towards day's high. Gold closed at 50189 with a gain of 735 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. However on daily chart immediate resistance zone is seen around 50350 level. As long as mentioned level is intact we expect profit booking from the mentioned level.
SELL GOLD AROUND 50350 SL ABOVE 50550 TGT 50100/49800
COPPER
Copper opened with an downward gap but witnessed buying in the secound half of the session which pushed prices to day's high. Copper closed at 641 with a gain of 14 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. However immediate resistance zone in Copper is seen around 645 level. As long as mentioned level is intact we expect profit booking neara the mentioned level.
SELL COPPER OCT AROUND 645 SL ABOVE 648 TGT 640/636
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