Buy Gold Around 59700 SL Below 59500 TGT 59900/60100 - Axis Securities
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CRUDE OIL
Crude oil prices exhibited volatility during the last session, ultimately closing on a negative note with a decrease of over 1 percent. On the daily chart, prices have been confined within a range of 6100 and 5700 levels for the past few days. Currently, prices are positioned below both the 60 and 20 Exponential Moving Averages (EMA), and the Relative Strength Index (RSI) is below its reference line, suggesting a downward tilt in momentum. Therefore, it is advisable to consider selling on any price rallies for intraday trading
GOLD
Gold prices ended the previous session on a positive note, with settlements reaching approximately 59998, reflecting an increase of nearly 200 points. On the daily chart, prices closed above the previous session's high, which is a favorable indication for prices. Additionally, gold is currently trading above the 9 EMA (Exponential Moving Average), and the momentum indicator RSI (Relative Strength Index) is close to its reference line, suggesting strong momentum for prices. In the near term, the trend appears positive as long as the downside level of 59300 remains intact. Therefore, it is recommended to consider buying on dips in gold for intraday trading.
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