Sell Copper Around 796 SL Above 800 TGT 791/786 - Axis Securities
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COPPER
Copper opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Copper closed at 789 with a loss of 18 points. 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 sizable bearish candle and has closed below previous session's low indicating negative bias. On 3 hourly chart Copper is trading below 20- and 60-day EMA's which is a negative sign in near term. 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 796 SL ABOVE 800 TGT 791/786
GOLD
Gold opened with downward gap and selling pressure throughout the session led it to close near day's low. Gold closed at 51393 with a loss of 868 points. 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 sizable bearish candle forming lower High-Lower lows and has also closed below previous session low indicating further weakness. On daily chart Gold is trading below its 20 day EMA which indicates negative bias in the short term. Gold is approaching towards its five week multiple support zone of 51300 which remains a crucial level to watch out
SELL GOLD AROUND 51700 SL ABOVE 51800 TGT 51550/51300
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