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Gold

Gold prices rallied in the evening session and closed around 59230. prices rallied by more than 1 percent in the last session. On the daily chart, prices are trading above 20 and 60 EMA which is a positive sign for prices. However, on the daily chart, RSI is below is reference line which indicates that the trend is sideways for prices. As long as prices are trading below 59600 expect prices to trade with a negative bias. Traders can sell Gold on rallies around 59400 for the target of 59200 on an intraday basis.

SELL GOLD AROUND 59,400 SL ABOVE 59,600 TGT 59,200/58,900

Crude oil

Crude oil prices rallied in the last session. Prices settled around 6064 and were up by more than 1 percent. On the daily chart, prices are trading above 20 EMA and RSI is trading above the 60 levels which indicates that momentum is strong for prices. A strong resistance zone is seen around the 6200 level. As long as the mentioned level is intact we expect prices to trade sideways with a negative bias. Traders may sell Crude oil on rallies around 6150 for the target of 6090 on an intraday basis.

SELL CRUDE OIL AROUND 6,150 SL ABOVE 6,200 TGT 6,090/6,050

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