Buy Gold Around 59000 SL Below 58800 TGT 59250/59400 - Axis Securities
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Gold
During the last session, gold prices opened with a gap, but they failed to sustain near the day's high and eventually settled around the 59350 level. The daily chart shows a doji candle formation, indicating a lack of clear direction among market participants. However, a hammer candlestick pattern has also formed near an important support zone, suggesting a possible reversal of the current downtrend. Traders might find it favorable to buy gold on dips around the 59000 level, targeting 59250 for intraday trading
BUY GOLD AROUND 59000 SL BELOW 58800 TGT 59250/59400
Crude Oil
Crude oil prices extended their winning streak for two consecutive days, settling around 5870 and registering a close to 1 percent increase. The daily chart reveals the formation of a large green candle, with the closing price surpassing the previous session's high, indicating a positive outlook for prices. Additionally, the price closed above the 20-day Exponential Moving Average (EMA), signaling a bullish trend. A robust support zone is observed around the 5700 level. As long as this support zone remains unbroken, we anticipate prices to maintain a positive bias. Traders can consider buying crude oil on dips for intraday trading
BUY CRUDE OIL AROUND 5750 SL BELOW 5700 TGT 5820/5900
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