Sell Copper Below 745 SL Above 749 TGT 740/737 - Axis Securities
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Gold
MCX Gold opened on a flat note and remained in a small range throughout the day. The chart pattern suggests that if Gold sustains below 50660 level it would witness selling which would drag It towards 50400-50100 levels.Important resistances for the day are P eee placed at 51000.
SELL GOLD IN THE RANGE OF 50660-50700 SL ABOVE 50850 TGT 50400/50100
Copper
MCX Copper opened with an upward gap but witnessed selling from the opening tick. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. 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 BELOW 745 SL ABOVE 749 TGT 740/737
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