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GOLD

Gold prices edged lower in last trading session after prices broke the strong support zone of 51000 level and drifted lower towards 50200 level. Prices respected the support zone of 50000 level and clsoed around 50221 level. In Comex gold is up by more than 1 percent so we expect a gap up opening in MCX. Traders can buy Gold around 50300 for the target of 50400 on intraday basis.

BUY GOLD ABOVE 50300 SL BELOW 50200 TGT 50400/50500

CRUDE OIL

Crude oil prices closed in red in last trading session. Prices was down by more than 6 percent in last session. On hourly chart prices respected the strong support zone of 6800 level and closed around 6839 level. In Nymex crude oil trading by more than 5 percent so we expect a gap up opening in MCX. Traders may buy Crude oil around 6900 for the targt of 7000 on intraday basis.

BUY CRUDE OIL AROUND 6900 SL BELOW 6800 TGT 7000/7060

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