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Gold

MCX Gold opened sharply lower with a downward gap and selling pressure throughout the session. The hourly strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. The price is moving in a Lower Top and Lower Bottom formation on the hourly chart indicating negative bias.

SELL GOLD BELOW 50600 SL ABOVE 50800 TGT 50350/50200

Copper

MCX Copper opened on a flat note and witnessed selling for the first part of the session. The chart pattern suggests that if Copper breaks and sustains below 764 level it would witness selling which would drag It towards 757-751 levels. Important resistances for the day are placed at 774,

SELL COPPER BELOW 764 SL ABOVE 770 TGT 757/751

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