Sell Gold Around 51000 SL ABOVE 51100 TGT 50900/50800 - Axis Securities
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Crude Oil
Crude Oil opened with an upward gap and remained lackluster within narrow trading range throughout the day. Crude Oil closed at 8504 with a gain of 131 points. The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On daily chart it has formed a harami candlestick pattern indicating short covering from current level. On hourly chart it managed to close above 20 and 60 days which indicate positive bias in the short term. Traders can buy Crude oil on dips around 8450 for the target of 8500 on intraday basis.
BUY CRUDE OIL AROUND 8450 SL BELOW 8400 TGT 8510/8560
Gold
Gold opened with an upward gap however selling pressure throughout the session led it to close near day's low. Gold closed at 50735 with a loss of 99 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 sizable bearish candle and closed below previous session low indicating further weakness. On houry chart 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 51000 SL ABOVE 51100 TGT 50900/50800
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