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Gold

Gold opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Gold closed at 50322 with a gain of 92 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small bullish candle with shadows on either side representing extreme volatality as well as indecisiveness amongst participants regarding the direction. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. However strong support zone is Gold is seen around 50000 level. As long as mentioned level is intact we expect prices to trade in a range with a positive bias

BUY GOLD AROUND 50100 SL BELOW 50000 TGT 50220/50340

Crude Oil

Crude Oil opened on a flat note however profit booking for most part of the session led the It downwards to end in red. Crude Oil closed at 7100 with a loss of 112 points. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Short term trend is looking negative for prices. Any rallies towards 7200 level can be used as an selling opportunity for the target of 7140 leve

SELL CRUDE OIL AROUND 7200 SL ABOVE 7250 TGT 7140/7100

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