Sell Gold Below 51200 Sl Above 51400 TGT 50950/50700 - Axis Securities
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Gold
MCX Gold opened sharply lower with a downward gap and selling pressure throughout the session. The hourly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias Gold continues to remain ina downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
SELL GOLD BELOW 51200 SL ABOVE 51400 TGT 50950/50700
Copper
MCX Copper opened on a flat note and witnessed extreme volatility on either side for most part of the session. The chart pattern suggests that if Copper crosses and sustains above 656 level it would witness buying which would push the price towards 662-667 levels. Important support for the day is around 652.
BUY COPPER ABOVE 656 SL BELOW 652 TGT 662/667
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