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Gold

MCX Gold opened with a downward gap but witnessed buying in the second half of the session which pushed prices ; to day's ‘shi high. The chart pattern suggests that if Gold crosses and sustains above 49130 level it would witness buying which would push the price towards 49360-49600 levels. Important support for the day is around 48950.

BUY GOLD IN THE RANGE OF 49130-49090 SL BELOW 48950 TGT 49360/49600

Zinc

MCX Zinc opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to trade near the day's low. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias.Zinc continues to remain ina downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy.

SELL ZINC IN THE RANGE OF 277-277.50 SL ABOVE 279 TGT 274.50/273

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