Sell Crude Oil Around 7950 SL Above 8000 TGT 7870/7800 - Axis Securities
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Gold
Gold opened with an downward gap but witnessed buying from the opening tick to end positive. Gold closed around 52628. 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 index has formed a small bullish candle however it remained restricted within previous session's High-Low range indicating absence of strength on eitherside. Gold is trading above 60 and 20 day EMA'S indicating positive bias in the short to medium term. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy
BUY GOLD AROUND 52400 SL BELOW 52250 TGT 52600/52750
Crude Oil
Crude Oil opened on a positive note and traded with extreme volatality throughout the session.Crude Oil closed on a flat note near 7857. 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 index has formed a Bearish candle with a lower shadow indicating buying at lower levels. Crude Oil continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL CRUDE OIL AROUND 7950 SL ABOVE 8000 TGT 7870/7800
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