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GOLD

Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51917 with a gain of 1400 points. The daily strength indicator RSI has turned positive from the oversold territory 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 Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

BUY GOLD AROUND 51600 SL BELOW 51500 TGT 51700/52000

CRUDE OIL

Crude Oil opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Crude Oil closed at 8605 with a gain of 218 points. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on eitherside. 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 8550 SL BELOW 8450 TGT 8650/8750

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