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Published on 13/07/2020 5:11:30 PM | Source: Axis Securities Ltd

Buy Gold In The Range Of 49050-49070 SL Below 48900 TGT 49300/49400 - Axis Securities

Posted in Commodities Reports| #Commodity Tips #Axis Securities Ltd

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Gold

MCX Gold price is trading under bullish flag pattern, price is expected to trade positively. Sustaining above 49050 next leg of the rally would push price higher towards 49300/49400 levels in intraday. Price has been trading above 60EMA which shows any small corrections should be used for buying. RSI] is trading at 62 it indicates higher momentum in prices.

BUY GOLD IN THE RANGE OF 49050-49070 SL BELOW 48900 TGT 49300/49400

 

Crude oil

MCX Crude oil price has formed a shooting star pattern and taken resistance from the previous rising trend line, price is expected to trade negatively. Sustaining below 3010 next leg of correction would drag price lower towards 2950/2920 levels in intraday. On the hourly chart price is trading below 20&60 EMA which is a negative sign for prices.

SELL CRUDE OIL IN THE RANGE OF 3010-3020 SL ABOVE 3050 TGT 2950/2920

 

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