Buy Crude Oil Above 6880 SL BELOW 6830 TGT 6940/7000 -Axis Securities Ltd
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Gold
Gold price closed on a negative note in the last session. Prices settled around 59225 level and it was down by more than 150 points. On the daily chart it is trading below 20 and 9 EMA and RSI is also below the reference line which indicate that momentum is weak on the upside.However Prices is taking support around 59200 level from past few days indicating demand zone near the mentioned level. As long as mentioned level is intact we expect prices to trade with a positive bias.
BUY GOLD AROUND 59200 SL BELOW 59000 TGT 59400/59600
Crude Oil
Prices traded volatile in the evening session. Prices recoup its losses in the evening session and it settled around 6846 level. On the daily chart prices was up by more than 0.75 percent. It is trading above 20 and 60 EMA on the daily chart and RSI is also above 60 level mark indicating that momentum is strong on the upside. Strong resistance zone is seen around 6880 level. Breakout above the mentioned level may push prices higher towards 6940 level
BUY CRUDE OIL ABOVE 6880 SL BELOW 6830 TGT 6940/7000
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