Buy Gold Around 50350 SL Below 50250 TGT 50450/50560 - Axis Securities
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Gold
Gold opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices near day's high. Gold closed at 50544 with a gain of 326 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 represeing 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 a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
BUY GOLD AROUND 50350 SL BELOW 50250 TGT 50450/50560
Silver
Silver opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Silver closed at 61564 with a gain of 786 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 represeing 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 a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
BUY SILVER AROUND 61000 SL BELOW 60700 TGT 61350/61700
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