Sell Copper Around 766 SL Above 769 TGT 762/759 - Axis Securities
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Gold
Gold opened with an upward gap and remained in positive terrain throughout the day.Gold closed at 51343 with a gain of 444 points. The daily strength indicator RSI is moving upwards 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. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY GOLD AROUND 51000 SL BELOW 50900 TGT 51150/51300
Copper
Copper opened with an upward gap and formed shadows on either side indicating lack of bullish confidence amongst participants. Copper closed at 761.6 on a flat note. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. Copper continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL COPPER AROUND 766 SL ABOVE 769 TGT 762/759
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