Buy Gold Above 58600 SL Below 58400 TGT 58900/59200 - Axis Securities
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Gold
MCX Gold opened on a flat note and buying momentum throughout the session let it trade near the day's high. The hourly 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.
BUY GOLD ABOVE 58600 SL BELOW 58400 TGT 58900/59200
Natural Gas
MCX Naturalgas opened on a flat note an d remained in a small range throughout the day. The chart pattern suggests that if Naturalgas breaks and sustains below 220 level it would witness selling which would drag the price towards 212/206 levels. Important resistance for the day is placed at 226.
SELL NATURALGAS BELOW 220 SL ABOVE 226 TGT 212/206
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