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BUY GOLD ABOVE 53050 SL BELOW 52900 TGT 53250/53600

MCX Gold opened with an upward gap and remained in positive terrain throughout the day. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.

SELL CRUDEOIL BELOW 6800 SL ABOVE 6950 TGT 6600/6560

MCX Crudeoil opened on a flat note and witnessed selling for most part of the session. The chart pattern suggests that if Crudeoil breaks and sustains below 6800 level it would witness selling which would drag the price towards 6600-6560 levels.Important resistance for the day is placed at 7000.

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