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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 808 with a loss of 16 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 hourly chart Copper is trading below 20 and 60 day EMA's which indicating negative bias in the short 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 815 SL ABOVE 819 TGT 810/805

SILVER

Silver opened on a flat note and witnessed buying momentum for first part of the session. However selling pressure at higher levels dragged it lower to close near the day's low. Silver closed at 66540 with a loss of 580 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 Small bearish candle with either side shadows indicating lackluster movement throughout the session. On hourly chart Silver is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Silver continues to remain in a downtrend in the short term ,so exit on Small pullback rallies to be our preferred strategy

SELL SILVER 67500 SL ABOVE 67900 TGT 67000/66600

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