Sell Gold Around 51400 Sl Above 51500 Tgt 51300/51200 - 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 51160 with a loss of 316 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 bearish candle and has closed below its previous session low indicating negative bias. On daily chart prices is trading below 60 days EMA i.e 51400 which is a negative sign for prices. Short term trend is negative for prices. Selling is recommended around 51400 for the target of 51250 level.
SELL GOLD AROUND 51400 SL ABOVE 51500 TGT 51300/51200
CRUDE OIL
Crude Oil opened with an downward gap and remained extreme volatile on the eitherside. Crude Oil closed at 7162 with a loss of 58 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 "Doji" candlestick formation indicating indecisiveness amongst market participants regarding the direction. On Daily chart Crude Oil is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Crude Oil continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strateg
SELL CRUDE OIL AROUND 7250 SL ABOVE 7330 TGT 7150/7060
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