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GOLD

Gold opened with an upward gap and remained lackluster within narrow trading range throughout the day. Gold closed at 50621 with a gain of 121 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating Gold opened with an upward gap and remained lackluster within narrow trading range throughout the day. Gold closed at 50779 with a gain of 159 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On daily chart it has formed a spinning top candlestick pattern indicating possible reversal from the current downtred. On hourly chart it closed above 9 and 20 days EMA which is a positive sign for prices. Traders can buy Gold around 50700 for the target of 50900.

BUY GOLD AROUND 50700 SL BELOW 50600 TGT 50900/51050

CRUDE OIL

Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 8314 with a gain of 119 points. The daily strength indicator RSI has turned positive from the oversold territory 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 indicating positive bias ahead. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy

BUY CRUDE OIL AROUND 8200 SL BELOW 8100 TGT 8300/8400

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