Buy Gold Above 50100 SL Below 49900 TGT 50350/50600 - Axis Securities
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GOLD
MCX Gold opened with a downward gap and traded with extreme volatility on either side and gained bullish momentum in the second half of the day. The hourly strength indicator RS] is moving upwards and is above its reference line indicating positive bias. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY GOLD ABOVE 50100 SL BELOW 49900 TGT 50350/50600
COPPER
MCX Copper opened with a downward gap but witnessed buying in the second half of the session which pushed prices to day's high. The chart pattern suggests that if Copper crosses and sustains above 647 level it would witness buying which would push the price towards 653-655 levels. Important support for the day is around 640.
BUY COPPER ABOVE 647 SL BELOW 643 TGT 653/655
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