Buy Gold Around 52500 SL Below 52400 TGT 52650/52750 - Axis Securities
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Gold
Gold prices traded in a narrow range in last session as US market was closed. Gold closed at 52680 with a gain of 214 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Gold continues to remain in an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY GOLD AROUND 52500 SL BELOW 52400 TGT 52650/52750
Silver
Silver opened with a upward gap and remained in a Small range throughout the day. Silver closed at 61970 with a gain of 338 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 price has formed a small bearish candle with a higher shadow indicating selling pressure at the higher level. 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 an uptrend for the short term, so buy on dips continues to be our preferred strategy
BUY SILVER AROUND 61600 SL BELOW 61300 TGT 62000/62400
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