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GOLD

Gold opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices near day's high. Gold closed at 50218 with a gain of 45 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 "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. Gold is trading above its 20 day EMA which indicates positive bias in the short term. Gold continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy

SELL GOLD AROUND 50500 SL ABOVE 50600 TGT 50360/50150

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 8510 with a loss of 339 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. The technical pattern suggests that selling pressure could extend as Crude Oil made an Evening Star pattern on the daily charts, The Evening Star pattern occurs around peak levels, signifying that the uptrend is nearing its end. It is a bearish candlestick pattern consisting of three candles: a large blue candle, a small-bodied candle, and a red candle. On hourly chart prices is trading below 20 and 60 days EMA which is a negative sign for prices. Traders can sell Crude oil on rise around 8750 level for the target of 8650 on intraday basis

SELL CRUDE OIL AROUND 8750 SL ABOVE 8800 TGT 8650/8560

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