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GOLD

Gold opened with an upward gap and remained lackluster within narrow trading range throughout the day. Gold closed at 50621 with a gain of 121 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On Daily chart prices has formed a harami candlestick pattern indcating possible reversal from current downtrend. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. However strong support zone is seen around 50500 level. As long as mentioned level is intact we may expect some short covering from current level.

BUY GOLD AROUND 50600 SL BELOW 50500 TGT 50720/50800

CRUDE OIL

Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 8195 with a gain of 429 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. 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. Short term trend has turned positive for prices. Any correction in prices down till 8000 level is a good opportunity to buy Crude oil for the target of 8100 level.

BUY CRUDE OIL AROUND 8000 SL BELOW 7920 TGT 8100/8200

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