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CRUDE OIL

Crude oil prices opened with a downward gap however buying prices throughout the session led it close near day's high. Crude Oil closed at 8078 with a gain of 170 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias. It continues to move in a Higher Top and Higher Bottom formation on the hourly chart indicating positive bias. Crude Oil continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

BUY CRUDE OIL AROUND 7900 SL BELOW 7850 TGT 7950/8050

GOLD

Gold opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Gold closed at 52992 with a loss of 89 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. On hourly chart Gold is trading above 20 and 60 day EMA's which indicating positive bias in the short term. Gold continues to remain in an uptrend in the near term, so accumulation on dips and near major support zone of 52600-52700 continues to be our preferred strategy

BUY GOLD AROUND 52700 SL BELOW 52600 TGT 52850/53000

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