Copper Technical Comment For 1st April

Copper has formed a psychological base of Rs 400 per kg which is not likely to be broke any time soon. The prices are expected to show some material moves on the higher side if Rs 406 is broken. The next moves are expected to be towards Rs 410 and 412 per kg. Open interest in Copper has shown decline in last few days, which is an indicator of short covering. Looking at a one week pattern of the intraday charts it is seen that the parallel trading range of Rs 406 and 395 per kg is active in Copper. MCX Copper closed the last session trades at Rs 404.15 per kg, down 0.11%.

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Gold Technical Comment For 1st April

After a sharp 10 day debacle in Gold the prices are trying to recover in the intraday charts on MCX. The session for MCX Gold closed at Rs 28536 per 10 grams, up 0.55%. The close above Rs 28500 is expected to bring some more positives for the contract, with fresh targets of Rs 28900 per 10 grams. Fibonacci retracement is showing the first retracement target for Gold at Rs 28725 per 10 grams. Open interest showed a jump towards 8256 contracts, against 4343 contracts a day before. Fast Stochastics is at 16%, which is indicator of the oversold position.

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