IGI Logo

GOLD

Gold opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Gold closed at 50070 with a loss of 344 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 Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Gold continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy

SELL GOLD AROUND 50300 SL ABOVE 50400 TGT 50200/50000

COPPER

Copper opened with downward gap and selling pressure throughout the session led it to close near day's low. Copper closed at 634 with a gain of 15 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 indicate negative bias in the short term. Copper continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy.

SELL COPPER AROUND 640 SL ABOVE 643 TGT 637/634

To Read Complete Report & Disclaimer Click Here
 

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer