Sell Gold Below 50500 SL ABOVE 50700 TGT 50200/50000 - Axis Securities
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Gold
MCX Gold opened sharply lower with a downward gap and traded with extreme volatility throughout the session to close on a negative note. The chart pattern suggests that if Gold breaks and sustains below 50500 level it would witness selling which would drag It towards 50200-50000 levels. Important resistance for the day is placed at 51100.
SELL GOLD BELOW 50500 SL ABOVE 50700 TGT 50200/50000
Natural Gas
MCX Naturalgas opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. The daily strength indicator RSI is moving downwards and is quoting below its reference line indicating negative bias. Naturalgas continues to remain in a downtrend in the short to medium term, so selling on rallies continues to be our preferred strategy
SELL NATURALGAS BELOW 485 SL ABOVE 500 TGT 466/458
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