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GOLD

Gold opened with an downward gap but witnessed buying in the secound half of the session which pushed prices to day's high. Gold closed at 49443 with a gain of 268 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On hourly chart strong resisance zone in Gold is seen around 49500 level. We expect Gold prices to remain under pressure after Fed meet. Selling is recommneded around the mentioned resistance level for the target of 49400.

SELL GOLD AROUND 49500 SL ABOVE 49600 TGT 49400/49200

Crude oil

Crude oil closed on a negative note in last session. Crude Oil closed at 6742 with a loss of 2 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 bearish candle with either side shadows indicating lackluster movement throughout the session. On hourly chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. However strong support zone is seeen around 6650 level which is a good level to go long

BUY CRUDE OIL AROUND 6650 SL BELOW 6550 TGT 6770

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