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GOLD

Gold opened on a flat note and witnessed selling for most part of the session. Prices closed near day's low. Gold closed at 50500 with a loss of 800 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 sizable bearish candle and has closed below previous session's low indicating negative bias. Gold is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Strong support zone is seen around 50400 level. Breakdown below the mentioned level may push prices lower towards 50250 on intradayb basis.

SELL GOLD BELOW 50400 SL ABOVE 50500 TGT 50250/50100

CRUDE OIL

Crude Oil opened with an upward gap however selling pressure throughout the session led it to close near day's low. Crude Oil closed at 7766 with a loss of 15 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 Small bearish candle with either side shadows indicating volatile movement throughout the session. 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 strategy

SELL CRUDE OIL AROUND 8000 SL ABOVE 8100 TGT 7900/7700

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