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Gold

Gold opened with an upward gap however selling pressure throughout the session led it to close near day's low. Gold closed at 50650 with a gain of 26 points. The daily strength indicator RSI continue to remian flat and is near its reference line indicating absence of momentum on either side. On the daily chart the It has formed a bearish candle with long upper shadow indicating selling pressure as well as resistance at higher levels. Gold is trading below 20 and 60 day EMA's which indicating negative 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 50900 SL ABOVE 51000 TGT 50800/50700

CRUDEOIL

Crude OIl opened with an upward gap and remained in positive terrain throughout the day. Crude OIl closed at 8638 with a gain of 254 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high indicating positive bias ahead. On hourly chart Crude OIl is trading above 20 and 60 day EMA's indicating positive bias in the short term. Crude OIl continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy

BUY CRUDE OIL AROUND 8500 SL BELOW 8450 TGT 8550/8600

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