Sell Gold Around 50600 SL Above 50700 TGT 50500/50400 - Axis Securities Ltd
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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 50414 with a loss of 323 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 50600 SL ABOVE 50700 TGT 50500/50400
Copper
Copper opened with an downward gap but witnessed buying in the secound half of the session which helped recover some intraday loss. Copper closed at 649 with a loss of 6.5 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 Bearish candle with a lower shadow indicating buying at lower levels. 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 655 SL ABOVE 658 TGT 652/648
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