Buy Copper Around 650 SL Below 647 TGT 653/656 - Axis Securities
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GOLD
Gold opened with an downward gap and traded in a tight range between 50800 and 51000 level. Gold closed at 50905 with a loss of -191 points. On daily chart prices has formed a small candle with uper shadow indicating selling pressure at higher level. On daily chart prices has closed below 60 days EMA which is a negative sign for prices. As long as 50500 level is intact on the donwside we expect prices to trade sideways to positive in a ragne between 50500 and 51000 level.
BUY GOLD AROUND 50700 SL BELOW 50600 TGT 50800/50950
COPPER
Copper prcices closed on a flat note in last session. Prices settled around 652 with a loss of 3 points. On daily chart prices is trading below 60 days EMA which is a negative sign for prices. On daily chart prices is trading in a tight range between 647 and 660 level from past few days. As long as 647 level is intact on daily closing basis we expect Copper prices to trade in a mentioned range. Buying is recommended around 650 level for the target of 653 on intraday basis.
BUY COPPER AROUND 650 SL BELOW 647 TGT 653/656
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