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GOLD

Gold opened with an upward gap and remained in positive terrain throughout the day Gold closed at 50370 with a gain of 298 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. 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 9 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the near term, so buy on dips continues to be our preferred strategy

BUY GOLD AROUND 50200 SL BELOW 50100 TGT 50300/50400

CRUDE OIL

Crude Oil opened with an upward gap however selling pressure in the second half of the session led it to close near day's low. Crude Oil closed at 6967 with a gain of 40 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. On the daily chart the It has formed a Small Bearish candle with shadows on either side indicating indecisiveness amongst participants regarding the direction. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy

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