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GOLD

Gold opened with upward gap, however selling pressure throughout the session led it to close near day's low. Gold closed at 51603 level. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. On the daily chart the It has formed a small bearish candle with upper shadow indicating selling pressure at the higher level. However on daily chart prices is trading above 60 days EMA which is a positive sign for prices. Strong support zone in Gold is seen around 51400 level. One can look for the buying opportunity in Gold around the mentioned level for the target of 51550.

BUY GOLD AROUND 51400 SL BELOW 51300 TGT 51550/51700

CRUDE OIL

Crude Oil opened with a upward gap and closed on a positive note. Crude Oil closed at 7282 with a gain of 286 points. The daily strength indicator RSI is moving upwards and its above its reference line which is a positive sign for prices. On dialy chart prices has formed a long bullish candle and has closed above its previous session high which is a positive sign for prices. Strong resistance zone is seen around 7300 level. Breakout above the mentiond level may push prices higher towards 7400 level on intraday basis.

BUY CRUDE OIL ABOVE 7300 SL BELOW 7200 TGT 7400/7460

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