Buy Gold Around 50900 Sl Below 50800 TGT 51000/51100 - Axis Securities
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Copper
Copper opened with an upward gap however prices failed to sustian near the multi month high and closed around 800 level. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On daily chart prices is above 20 and 60 days EMA which is a positive sign for prices. Any correction down till 795 level is a good opportunity to buy Copper for the target of 800 on intraday basis.
BUY COPPER AROUND 795 SL BELOW 790 TGT 800/805
GOLD
Gold opened with an upward gap however selling pressure throughout the session led it to close near day's low. Gold closed at 50970 with a loss of 300 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On daily chart it has formed a bearish candle howerver it managed to close above the the strong support zone of 50900 which is a positive sign. As long has prices is trading above the mentioned support zone we expect prices to trade higher this weeek.
BUY GOLD AROUND 50900 SL BELOW 50800 TGT 51000/51100
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