Buy Crude Oil Around 7000 SL Below 6900 TGT 7100/7200 - Axis Securities
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GOLD
Gold opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Gold closed at 50143 with a loss of 56 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On daily chart prices has formed a small bullish candle with shadow on higher side indicating selling pressure at the higher level. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Strong support zone in seen around 50100 level. Breakdown below the mentioned level may push prices lower towards 50000.
SELL GOLD BELOW 50100 SL ABOVE 50200 TGT 50000/49800
CRUDE OIL
Crude oil prices gave a gap up opening and it closed on a flat note in last trading session. It settled around 7091 with gain of 58 points. On daily chart prices has formed bullish piercing candle followed by a green candle confirming the positive trend. On hourly chart prices closed above 60 day EMA which is a positive sign for prices. Traders can buy Crude oil dips around 7000 for the target of 7100 on intraday basis.
BUY CRUDE OIL AROUND 7000 SL BELOW 6900 TGT 7100/7200
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