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GOLD

Gold opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Gold closed at 51250 with a gain of 12 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 prices has formed hammer candlestick pattern near the support zone indicating possible reversal from current downtrend. On hourly chart Gold is trading above 9 and 20 days EMA which is a positive sign for prices. Gold continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy

BUY GOLD AROUND 51000 SL BELOW 50900 TGT 51150/51300

CRUDE OIL

Crude Oil opened with an upward gap and remained in positive terrain throughout the day. Crude Oil closed at 7737 with a gain of 323 points.The daily strength indicator RSI is moving upwards and is above its reference line, however it is below 60 level mark which indicate that upside is limited. 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 its 60 day EMA which indicates positive bias in the short term. Strong resistance zone in Crude oil is seen around 7850 level. Prices may face stiff resistance around the mentioned level. Traders can sell Crude oil around 7850 for the target of 7750 level on intraday basis.

SELL CRUDE OIL AROUND 7550 SL ABOVE 7699 TGT 7500/7450

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