Sell Crudeoil Below 6900 SL Above 7050 TGT 6700/6600 - Axis Securities
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Gold
MCX Gold opened with an upward gap but witnessed selling from the opening tick to trade on a negative note. The daily strength indicator RSI has turned positive from the oversold territory and is above its reference line indicating positive bias. Gold continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY GOLD ABOVE 50700 SL BELOW 50500 TGT 50950/51200
Crudeoil
MCX Crudeoil opened on a flat note and witnessed selling for most part of the session. The chart pattern suggests that if Crudeoil breaks and sustains below 6900 level it would witness selling which would drag the price towards 6700-6600 levels. Important resistance for the day is placed at 7100.
SELL CRUDEOIL BELOW 6900 SL ABOVE 7050 TGT 6700/6600
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