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CRUDE OIL

Crude Oil opened with an upward gap and remained extreme volatile on the eitherside. Crude Oil closed at 8549 with a gain of 37 points. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Crude oil future daily is trading inside the "Ascending broadening wedge" pattern. The last few sessions ended up sideways overall, whereas the last session has traded higher and closed on a flat note Morever on daily chart prices has formed doji candlestick pattern which indicate that the uptrend may pause. The market is expected to trade with a negative bias as per current price action. Sell on rise is recommended in Crude oil around 8650 level for the target of 8550 level.

SELL CRUDE OIL AROUND 8600 SL ABOVE 8650 TGT 8540/8450

GOLD

Gold opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Gold closed at 50819 with a loss of 339 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart, the It has formed a bearish candle and closed below previous session low indicating further weakness. Gold is trading below 20 and 60 day EMA's which indicating negative bias in the short term. Since past four weeks. Gold is expected to remain in an downtrend to sideways zone until it breaks 51200 on the upside.

SELL GOLD AROUND 51100 SL ABOVE 51200 TGT 50900/50700

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