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GOLD

Gold opened with an downward gap but witnessed buying in the secound half of the session which pushed prices higher and it closed on a positive note. Gold closed at 52336 with a gain of 95 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 Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. However it is not able to sustain above 52500 from past few days. We expect prices to trade in a range between 52500 and 52200 as long as 52500 level is intact on the higher side.

SELL GOLD AROUND 52400 SL ABOVE 52500 TGT 52300/52200

CRUDE OIL

Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 7525 with a gain of 232 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. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Strong resistance zone is seen around 7530 level. Breakout above the mentioned level may push prices higher towards 7570 level.

BUY CRUDE OIL ABOVE 7530 SL BELOW 7500 TGT 7560/7600

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