Sell Gold Below 50420 SL Above 50550 TGT 50250/50150 - Axis Securities
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GOLD
Gold opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Gold closed at 50664 with a loss of 1037 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 indicating negative bias. The chart pattern suggests that if Gold breaks and sustains below 50420 level it would drag prices lower towards 50250 levels. Important Resistances for the day are placed at 50700 levels.
SELL GOLD BELOW 50420 SL ABOVE 50550 TGT 50250/50150
CRUDE OIL
Crude Oil opened with an downward gap but witnessed buying in the secound half of the ssession which pushed prices to day's high. Crude Oil closed at 9443 with a gain of 44 points. The daily strength indicator RSI is moving upwards and is above its reference line indicating positive bias. On the daily chart It has formed a bullish candle and has closed above its previous session's high represeing positive bias ahead. On hourly chart Crude Oil is trading above 20 and 60 day EMA's indicating positive bias in the short term. Crude Oil continues to remain in an uptrend for the short term, so buying on dips continues to be our preferred strategy.
BUY CRUDE OIL ABOVE 9530 SL BELOW 9480 TGT 9580/9620
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