Buy Silver Above 58500 SL Below 58100 TGT 59000/59500 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51626 with a gain of 183 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a large 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 51400 SL BELOW 51200 TGT 51600/51800
SILVER
Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 58350 with a gain of 751 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a large bullish candle and has closed above its previous session's high indicating positive bias. 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, Immedaite resistance is seen around 58500. Breakout above the mentioned level may push prices higher towards 59000/59500 on intraday basis.
BUY SILVER ABOVE 58500 SL BELOW 58100 TGT 59000/59500
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