Buy Gold Around 49150 SL Below 49000 TGT 49350 - Axis Securities
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GOLD
Gold opened with an downward gap but witnessed buying in the secound half of the session which pushed higher and closed on a positive note. Gold closed at 49380 with a gain of 68 points. on 4 houry chart prices has formed Bullish Piercing Candle followed by a green candle indicating reversal from current downtrend. On hourly chart Gold is trading above 20 days EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the near term, so buy on dips continues to be our preferred strategy
BUY GOLD AROUND 49150 SL BELOW 49000 TGT 49350
COPPER
Copper opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Copper closed at 651 with a gain of 5 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On daily chart it has formed a hammer cadlestick pattern indicating reversal from current downtrend. 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 buy on dips continues to be our preferred strategy
BUY COPPER AROUND 640 SL BELOW 635 TGT 645/649
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