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Gold

Gold opened on a positive note and traded with extreme volatality throughout the session. Gold closed at 53869 with a loss of 59 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 shadows on either side representing extreme volatality as well as indecisiveness amongst participants regarding the direction. 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 buy on dips continues to be our preferred strategy

BUY GOLD AROUND 53600 SL BELOW 53500 TGT 53800/54000

Silver

Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 65300 with a gain of 1052 points. The daily strength indicator RSI is moving upwards and its above its reference line which is positive for prices. 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 Silver is trading above 20 and 60 day EMA's indicating positive bias in the short term. Short term trend is looking positive for prices. Buy on dips will be our prefered strategy

BUY SILVER AROUND 65500 SL BELOW 65000 TGT 66100/67000

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