Buy Gold Above 51000 SL BELOW 50900 TGT 51100/51300 - Axis Securities
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Gold
Gold prices closed in green in last trading session. Prices settled around 50921 with a gain of 144 points. On daily chart momentum indicator RSI is trading above its reference line indicating positive bias. On daily chart prices has formed a bullish candle with shadow on both the sides indicating sideways trend. However on hourly chart prices closed above 20 and 60 days EMA which is a positive sign for prices. Immediate resistance zone is seen around 51000 level. Breakout above the mentioned level may push prices higher towards 51100 on intraday basis.
BUY GOLD ABOVE 51000 SL BELOW 50900 TGT 51100/51300
Crude Oil
Crude oil prices closed in red in last trading session. Prices settled around 8350 and was down by more than 200 points. Dialy strength indicator RSI is moving downwards and its below its reference line indicating negative bias. On daily chart prices has formed hammer candle stick pattern indicating possible reversal from current downtrend. However on hourly chart prices has closed below 60 days EMA which is a negative sign for prices. Traders can sell Crude oil around 8400 for the target of 8340 on intraday basis.
SELL CRUDE OIL AROUND 8400 SL ABOVE 8440 TGT 8340/250
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