Buy Gold Around 59000 SL Below 58900 TGT 59150/59300 - Axis Securities
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Gold
Gold prices closed slightly lower on a negative note in the last session. Prices settled around 59130 level and it was down by more than 0.20 percent. On the daily chart prices has formed a doji cadlestick pattern indicating sideways trend for prices. However on the daily chart prices is trading above 20 and 9 EMA and RSI is above its reference line which indicate that momentum is titled towards the upside. Buy on dips is recommended in Gold as long as yesterday low i.e 58930 is intact on the downside.
BUY GOLD AROUND 59000 SL BELOW 58900 TGT 59150/59300
Crude oil
Crude oil prices opened with a downward gap and closed on a negative note in the last session. On the daily chart prices has formed a large red candle and it was down by more than 1 percent. On the daily chart prices is trading above 60 and 20 EMA. However RSI is trading below its reference line which indicate that momentum is tilted towards downside. Traders may sell Crude oil on rallies for intraday basis.
SELL CRUDE OIL AROUND 6150 SL 6200 TGT 6100/6050
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