Buy Gold Around 49350 SL BELOW 49200 TGT 49550/49800 - Axis Securities
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GOLD
Gold prices gave a gap down opening in the morning session. However prices managed to bounce back after it broke the immediate resistance zone of 49400 and touched 49650 level on intraday basis. On hourly chart momentum indicator RSI is above its reference line which is a positive sign for prices and it is traading above 20 and 60 days EMA which is a positive sign. Near term trend is looking positive for prices based on current technical setup. Traders can buy Gold around 49350 for the target of 49700 level on intraday basis.
BUY GOLD AROUND 49350 SL BELOW 49200 TGT 49550/49800
CRUDE OIL
Crude oil opened on a negative note in last session. However prices managed to recover up till 6450 after testing new monthly low of 6350 level. Short term trend is negative for prices as it is trading below 20 and 60 days EMA on hourly chart and RSI is below 40 level which is a negative sign for prices. Traders may sell Crude oil around 6500 for the target of 6450 on intraday basis.
SELL CRUDE OIL AROUND 6500 SL ABOVE 6540 TGT 6450/6400
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