Sell Crude Oil Around 7600 SL Above 7650 TGT 7550/7500 - Axis Securities
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GOLD
Gold opened with an upward gap and remained in positive terrain throughout the day. Gold closed at 51702 with a gain of 263 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 It has formed a bullish candle and has closed above previous session high which is positive for prices. On Daily chart Gold is trading above its 60 day EMA which indicates positive bias in the short term. Short term trend is looking posiive for Gold. Buy on dips is recommended in Gold on intraday basis.
BUY GOLD AROUND 50500 SL BELOW 50400 TGT 50600/50750
CRUDE OIL
Crude Oil opened with an upward gap however selling pressure throughout the session led it to close near day's low. Crude Oil closed at 7470 with a loss of 66 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On daily chart prices has formed a dark closed cover near the resitance zone indicating possible reversal of the current downtrend. On hourly chart Crude Oil is trading below 20 and 9 day EMA's which indicate negative bias in the short term. As long as 7650 level is intact on the upside we expect prices to trade in a range between 7650 and 7400 level.
SELL CRUDE OIL AROUND 7600 SL ABOVE 7650 TGT 7550/7500
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