MCX Gold opened sharply lower with a downward gap and selling pressure throughout the session By Axis Securities
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Gold
MCX Gold opened sharply lower with a downward gap and selling pressure throughout the session. The chart pattern suggests that if Gold breaks and sustains below 50700 level it would witness selling which would drag the price towards 50400-50200 levels. Important resistance for the day is placed at 51000.
SELL GOLD BELOW 50700 SL ABOVE 50900 TGT 50400/50200
Copper
MCX Copper opened sharply lower with a downward gap and extended selling momentum in the first half. The hourly strength indicator RSI ismoving downwards and is quoting below its reference line indicating negative bias. Copper continues to remain in a downtrend medium term, so selling on rallies continues to be our preferred strategy
SELL COPPER BELOW 658 SL ABOVE 665 TGT 648/642
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