Buy Crude Oil Around 8500 SL BELOW 8450 TGT 8550/8600 - Axis Securities
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Gold
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 50822 with a gain of 173 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. 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 below 20 and 60 day EMA's which indicating negative bias in the short term. Gold continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL GOLD AROUND 51000 SL ABOVE 51100 TGT 50900/50700
Crude OIl
Crude OIl opened with an upward gap and remained in positive terrain throughout the day. Crude OIl closed at 8812 with a gain of 174 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 ahead. On hourly chart Crude OIl is trading above 20 and 60 day EMA's indicating positive bias in the short term. 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 8500 SL BELOW 8450 TGT 8550/8600
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