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GOLD

Gold opened with an upward gap and remained lackluster within narrow trading range throughout the day. Gold closed at 54561 with a gain of 110 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 Small bullish candle with shadows on either side representing extreme volatality as well as indecisiveness amongst participants regarding the direction. 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 the short to medium term, so sell on rallies continues to be our preferred strategy.

SELL GOLD AROUND 54700 SL ABOVE 54850 TGT 54500/54200

SILVER

Silver opened with an upward gap and remained lackluster within narrow trading range throughout the day. Silver closed at 69021 with a gain of 551 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 doji candle with either side shadow indicting sideaways trend. On hourly chart it is trading above 20 and 60 days EMA which is a positive sign for prices. However strong resistance zone is seen around 69500 level. Breakout above the mentioned level may push prices higher towards 70000 or else it will trade sideways in a range between 68500 and 69500 on intraday basis.

SELL SILVER AROUND 69400 SL ABOVE 69700 TGT 69000/68200

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