Buy Copper Around 766 SL Below 763 TGT 770/774 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 50829 with a gain of 285 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 represeing positive bias ahead. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY GOLD AROUND 50350 SL BELOW 50250 TGT 50450/50560
COPPER
Copper opened with an upward gap and remained in positive terrain throughout the day. Copper closed at 771.6 with a gain of 2 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Copper is trading above 20 and 60 day EMA's indicating positive bias in the short term. Copper continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY COPPER AROUND 766 SL BELOW 763 TGT 770/774
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