Buy Silver Above 55300 SL Below 54900 TGT 55700/56000 - Axis Securities
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SILVER
Silver prices cracked in last session. Prices was down by more than 3 percent. Prices settled around 55200 level and was down by almost 1900 points. On daily chart prices is trading below 20 and 60 days EMA and RSI is also around 40 level which indicate that momentum is weak for price. However strong support zone is seen around 55000 level. As long as mentioned level is intact we expect prices to touch 55700 on intraday basis. On the flipside if 54900 level is taken out then prices may drift lower towards 54400 level.
BUY SILVER ABOVE 55300 SL BELOW 54900 TGT 55700/56000
COPPER
Copper price gave a gap up opening in last session. Prices failed to sustain near the day's high and it headed southwards and closed on a negative note around 650 level. Prices is stuck in a trading zone between 645 and 660 level from past few days. We expect prices to trade in a mentioned zone as long as the mentioned support and resistance zone is intact on weekly closing basis. Tradres can buy Copper around 650 for the target of 656 on intraday basis.
BUT COPPER AROUND 650 SL BELOW 645 TGT 656/662
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