Buy Gold AROUND 58700 SL BELOW 58500 TGT 58950/59100 - Axis Securities Ltd
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Gold
MCX Gold prices closed on a flat note in the last session. Prices was able to sustain above the immediate zone of 58600 level which is a positive sign for prices. It has broken the 5 day trading range which is a positive sign for prices. Additionaly it closed above 9 EMA on the daily chart and momentum indicator RSI is also trading above its reference line which is a positive sign for prices. Traders can buy Gold on dips around 58700 for the target of 58950 on intraday basis.
BUY GOLD AROUND 58700 SL BELOW 58500 TGT 58950/59100
Crude oil
Crude oil prices closed on a flat note the last session and closed around 6530 level. . Prices has closed below 20 and 9 EMA and RSI is also below 60 level mark which indicate that momentum is weak for prices. Short term trend is looking negative for prices as long as 6700 level is intact on the downside. Traders may sell Crude oil on rallies for intraday basis.
SELL CRUDE OIL AROUND 6620 SL ABOVE 6680 TGT 6550/6480
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