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GOLD

Gold opened with an upward gap however selling pressure throughout the session led it to close near day's low. Gold closed at 51874 with a loss of 291 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. on daily chart it has formed a bearish candle howerver it restricted within previous day lows. On hourly chart Gold is trading above its 60 day EMA which indicates positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy

BUY GOLD AROUND 52000 SL BELOW 51900 TGT 52100/51350

COPPER

Copper opened with an upward gap and remained in positive terrain throughout the day. Copper closed at 656 with a gain of 9 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. On daily chart it has formed a Cup and handle pattern where neckline lies towards 660 level. Breakout above the mentioned level i.e 660 may push prices higher towards 665 on intraday basis.

BUY COPPER ABOVE 660 SL BELOW 657 TGT 663/667

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