Buy Copper Around 736 SL Below 732 TGT 740/744 - Axis Securities
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Copper
In the previous trading session, copper prices experienced a decline of over 1%, breaking a significant support zone at 748 and settling at around 739. The daily chart indicated the formation of a large red candle, with prices closing below the previous session low and below both the 20 and 60 Exponential Moving Averages (EMA), signaling a bearish trend for copper prices. Nevertheless, a strong support zone is observed at 735, which may limit further downside risk. It is anticipated that copper prices will trade within a range between 735 and 750 as long as the aforementioned support level remains intact.
BUY COPPER AROUND 736 SL BELOW 732 TGT 740/744
Gold
In the latest trading session, gold prices experienced a robust rally, soaring to a new daily high of 60770 after decisively breaking through the formidable resistance zone at the 60400 level. On the daily chart, gold formed an impressive large green candle, culminating in a bullish close above the previous session's high. This is a strong indication of positive market sentiment. Adding to the bullish outlook, the precious metal closed above both the 20 and 60 Exponential Moving Averages (EMA), signifying a bullish trend. Discerning traders can strategically position themselves to buy gold on any potential dips near the 60300 level, aiming for a target of 60700 on an intraday basis.
BUY GOLD AROUND 60300 SL BELOW 60000 TGT 60700/61000
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