Buy Gold Around 46850 Sl Below 46750 TGT 46950 /47050 - Axis Securities Ltd
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GOLD
Gold prices cracked by more than 3 percent in last trading session after prices broke the strong support of 48000 and it drifted lower towards 46850 level. Overall trend is sell on rise for Gold as it is trading below 20 and 60 days EMA and RSI is also below 60 level indicating low momentum in prices. However strong support is seen near 46850 level where prices has formed spinning top candestick pattern followed by a green candle which is a positive sign. We may expect some short covering from the mentioned support level.
BUY GOLD AROUND 46850 SL BELOW 46750 TGT 46950 /47050
CRUDE OIL
Crude oil prices edged lower in last trading session after price broke the strong support zone of 5290 and drifted lower towards 5190 level. Overall trend is looking sideways to negative for prices as it is trading below 20 and 60 days EMA on hourly chart which is a negative sign for prices. Traders may sell Crude oil around 5290 level for the target of 5260 level on intraday basis.
SELL CRUDE OIL AROUND 5290 SL ABOVE 5320 TGT 5260/5230
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