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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 58950 level it would witness selling which would drag the price towards 58650-58400 levels. Important resistance for the day is placed at 59300.

SELL GOLD BELOW 58950 SL ABOVE 59100 TGT 58650/58400

Copper

MCX Copper opened with a downward gap and selling pressure throughout the session led it to trade near day's low. The hourly strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Copper continues to remain in a downtrend in the intraday, so selling on rallies continues to be our preferred strategy

SELL COPPER BELOW 726 SL ABOVE 730 TGT 721/717

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