Sell Gold Around 58450 SL Above 58650 TGT 58200/58000 - Axis Securities
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GOLD
Gold prices edged lower in the last session as prices failed to sustain near 58500 level and settled around 58085 with a loss of more than 0.54 percent. On the daily chart prices has formed a large red candle and has closed below previous session low which is a negative sign for prices. Moreover prices is trading below 20 and 60 EMA which is a bearish sign. Trades can consider selling Gold on rallies around 58450 for the target of 58200 on intraday basis.
SELL GOLD AROUND 58450 SL ABOVE 58650 TGT 58200/58000
CRUDE OIL
Crude oil prices closed on a negative note in the last session. On the daily chart prices has settled lower by more than 2 percent around 5616 level. On the daily chart prices has formed a large red candle and has closed below previous sessiion low which is a negative sign for prices. Prices is trading below 20 and 60 EMA and RSI is below its reference line which is a negative sign for prices. Strong support zone is seen around 5580 level. Breakdown below the mentioned level may push prices lower towards 5530 on intraday basis
SELL CRUDE OIL BELOW 5580 SL ABOVE 5620 TGT 5530/5480
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