Buy Silver Above 70100 SL Below 69800 TGT 70500/71000 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 55048 with a gain of 200 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 bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Gold is trading above 20 and 60 day EMA's indicating positive bias in the short term. Overall trend is positive. Breakout above 55300 may push prices higher towards 55500 on intraday basis.
BUY GOLD ABOVE 55300 SL BELOW 55150 TGT 55500/55700
SILVER
Silver opened with an upward gap and remained in positive terrain throughout the day. Silver closed at 69680 with a gain of 50 points.The daily strength indicator RSI is moving upwards and and is above its reference line indicating positive bias. On the daily chart It has formed a small bullish candle with upper shadow indicating resistance at higher level. 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, immediate resistance zone is around 70100. Breakout above the mentioned level may push prices higher towards 70500 on intraday basis.
BUY SILVER ABOVE 70100 SL BELOW 69800 TGT 70500/71000
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