Sell Gold Around 50100 SL Above 50200 TGT 50000/49800 - Axis Securities
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GOLD
Gold opened with downward gap and selling pressure throughout the session led it to close near day's low. Gold closed at 50228 with a loss of 574 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. 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 Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Gold continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy.
SELL GOLD AROUND 50100 SL ABOVE 50200 TGT 50000/49800
SILVER
Silver opened with downward gap and selling pressure throughout the session led it to close near day's low. Silver closed at 55055 with a loss of 2092 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. 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 Silver is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Silver continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy.
SELL SILVER AROUND 55600 SL ABOVE 56000 TGT 55100/54800
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