Sell Gold Around 51700 SL Above 51800 TGT 51600/51500 - Axis Securities
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GOLD
Gold opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Gold closed at 51389 and closed on a flat note. 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 Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Gold continues to remain in a downtrend in near term so sell on rallies continues to be our preferred strategy
SELL GOLD AROUND 51700 SL ABOVE 51800 TGT 51600/51500
CRUDE OIL
Crude Oil opened on a flat note however selling pressure for most part of the session led the It downwards to end in red. Crude Oil closed at 7261 with a loss of 257 points. The daily strength indicator RSI has turned negative from the overbought territory and is below its reference line indicating sustained downtrend. On the daily chart the It has formed a sizable bearish candle and has closed below previous session's low indicating negative bias. Crude Oil is trading below 20 and 60 day EMA indicating negative bias in the short to medium term. Crude Oil continues to remain in a downtrend, so sell on rallies continues to be our preferred strategy
SELL CRUDE OIL BELOW 7200 SL ABOVE 7250 TGT 7150/7100
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