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Gold

MCX Gold opened with an upward gap and remained in positive terrain throughout the day. The chart pattern suggests that if Gold crosses and sustains above 51200 level it would witness buying which would push It towards 51500-51600 levels. Important support for the day is around 50900.

BUY GOLD ABOVE 51200 SL BELOW 51000 TGT 51500/51600

Crude Oil

MCX Crudeoil opened on a positive note and extended buying momentum in the first half. The price is moving in a Higher Top and Higher Bottom formation on the hourly chart indicating sustained up trend. The hourly strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias.

BUY CRUDE OIL IN THE RANGE OF 8550 - 8540 BELOW 8430 TGT 8690/8790

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