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GOLD

Gold opened on a positive note however we witnessed profit booking for most part of the day and it closed on a negative note. Gold closed at 50356 with a loss of 150 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 Small bearish candle with either side shadows indicating volatile movement throughout the session. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Strong support zone is seen around 50000 level. We may expect some short covering near the mentioned level.

BUY GOLD AROUND 50200 SL BELOW 50000 TGT 50400/50600

COPPER

Copper opened with an upward gap and remained in positive terrain throughout the day Copper closed at 653.3 with a gain of 16 points. The daily strength indicator RSI has turned positive from the oversold territory 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 indicating positive bias ahead. On hourly chart Copper is trading above 20 and 60 day EMA's indicating positive bias in the short term. Strong resistance zone is seen around 665 level. We expect selling around the mentioned level

SELL COPPER AROUND 665 SL ABOVE 668 TGT 662/656

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