Buy Copper Around 645 SL Below 642 TGT 648/652 - Axis Securities
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GOLD
Gold opened with downward gap and selling pressure throughout the session led it to close near day's low. Gold closed at 51382 with a loss of 135 points. The daily strength indicator RSI is trading flat and above its reference line indicating sideways trend for prices. On the daily chart the It has formed a bearish candle and has closed within previous day high low indicating sideways trend. On hourly chart Gold is trading below 20 and 9 day EMA's which indicate negative bias in the short term. Strong support zone is GOLD is seen around 51300. Breakdown below the mentioned level may push prices lower towards 51200 on intraday basis.
SELL GOLD BELOW 51300 SL ABOVE 51400 TGT 51200/51100
COPPER
Copper opened sharply lower with a downward gap however buying support at lower levels recovered some of the earlier losses. Copper closed at 642 with a gain of 6 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. Copper continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY COPPER AROUND 645 SL BELOW 642 TGT 648/652
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