Buy Gold Above 54200 SL BELOW 54000 TGT 54400/54600 - Axis Securities
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Gold
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 54023 with a gain of 274 points. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term Gold is approaching towards its five months multiple resistance zone of 54200 which remains a crucial level to watch out.Breakout above the mentioned level may push prices higher towards 54400
BUY GOLD ABOVE 54200 SL BELOW 54000 TGT 54400/54600
Silver
Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 66300 with a gain of 919 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Silver is trading above 20 and 60 day EMA's indicating positive bias in the short term. Silver continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy.
SELL SILVER AROUND 66600 SL 67100 TGT 66000/65500
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