Gold prices closed on a flat note around 59450 level - Axis Securities
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GOLD
Gold prices closed on a flat note around 59450 level. On the daily chart prices has formed a red cadle with upper shadow indicating selling pressure at the higher level. Prices is not able to sustain near the higher level of 59800 level from the past few days indicating supply zone near the mentioned level. Price is trading below 9 and 20 EMA which is a negative sign for prices. Short term trend is looking bearish as it is trading below 20 and 60 EMA. Traders may sell Gold on rallies around 59600 for the target of 59300 on intraday basis.
SELL GOLD AROUND 59600 SL ABOVE 59800 TGT 59300/59000
CRUDE OIL
Crude oil prices cracked lower in the last session. Prices was down by more than 2 percent and settled around 6552 level. Prices has formed a large red candle has closed below its previous session low indicating that bear have arrived in the battlefield. Moreover RSI has closed below its reference line indicating momentum shift from bullish to bearish.As long as 6784 level is intact on the upside we expect long unwinding in the counter. Sell on rise is recommended in Crude oil for intraday basis.
SELL CRUDE OIL AROUND 6640 SL ABOVE 6700 TGT 6560/6450
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