Buy Gold Above 57700 SL BELOW 57570 TGT 57850/58000 - Axis Securities
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Gold
Gold price gave a gap up opening in last session and clsoed around 57600 level. Prices was up by more than 1400 points. On daily chart momentum indicator RSI is moving upwards and it is above its reference line which indicate that momentum is strong for prices. On daily chart prices has formed and long bullish candle and it is trading above 1 month high which is a positive sign. On hourly chart it is trading above 20 and 60 days EMA which indicate that the trend is positive. Traders can buy Gold around 57700 for the target of 57850 on intraday basis.
BUY GOLD ABOVE 57700 SL BELOW 57570 TGT 57850/58000
Crude oil
Crude oil prices traded volatile in last session and it closed on a negative note around 6172. Prices was down by close to 2 percent in last session. On daily chart momentum indicator RSI is moving downward and it is quoting below its reference line which is a negative sign. Price is trading below 20 and 60 days EMA which is a bearish sign for prices. Overall structure remains negative as long as it is trading below on 6350 on daily closing basis. Traders can sell Crude oil around 6300 for the target of 6240 on intraday basis.
SELL CRUDE OIL AROUND 6300 SL ABOVE 6350 SL ABOVE 6240/6170
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