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Gold

Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51750 with a gain of 492 points. The daily strength indicator RSI has turned positive from the oversold territory and its near its reference line indicating absence of momemtum. 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 Gold is trading above 60 day EMA's indicating positive bias in the short to medium term. Gold is expected to remain in an uptrend to sideways zone until it breaks 51000 on the downside.

BUY GOLD AROUND 51600 SL BELOW 51500 TGT 51720/51800

Crude Oil

Crude Oil opened on a positive note however we witnessed profit booking in secound half of the day which erased earlier gained. Crude Oil closed at 8117 with a gain of 80 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. The It is moving in a Lower Top and Lower Bottom formation on the daily chart indicating negative bias. Crude Oil continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy

BUY CRUDE OIL AROUND 7900 SL BELOW 7800 TGT 8050/8150

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