Buy Gold Above 50600 SL Below 50400 TGT 50900/51000 - Axis Securities
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Gold
MCX Gold opened with an upward gap and remained in positive terrain throughout the day. The chart pattern suggests that if Gold crosses and sustains above 50600 level it would witness buying which would push the price towards 50900-51000 levels. Important support for the day is around 50300.
BUY GOLD ABOVE 50600 SL BELOW 50400 TGT 50900/51000
Natural gas
MCX Naturalgas opened sharply lower with a downward gap and selling pressure throughout the session. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Naturalgas continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.
SELL NATURALGAS BELOW 511 SL ABOVE 517 TGT 500/495
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