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Gold

Gold opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Gold closed at 51701 with a gain of 696 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On the daily chart the It has formed a Bullish candle with a long lower shadow indicating buying at lower levels. It is moving in a Higher Top and Higher Bottom formation on the daily chart indicating sustained up trend. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

BUY GOLD AROUND 51250 SL BELOW 51150 TGT 51350/51480

Crudeoil

Crude Oil opened with an upward gap however selling pressure throughout the session led it to close near day's low. Crude Oil closed at 9399 with a loss of 74 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. Crude Oil is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Crude Oil continues to remain in a downtrend in the short term ,so exit on Small pullback rallies to be our preferred strategy.

SELL CRUDE OIL AROUND 9399 SL ABOVE 9430 TGT 9360/9320

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