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Gold

MCX Gold opened on a flat note and witnessed selling for the first part of the session. The chart pattern suggests that if Gold breaks and sustains below 51000 level it would witness selling which would lead the It towards 50700-50500 levels. Important Resistances for the day are placed at 51400 level.

SELL GOLD BELOW 51000 SL ABOVE 51200 TGT 50700/50500

Crude Oil​​​​​​​

MCX Crudeoil opened with an upward gap and witnessed selling for the first part of the session. Crude Oil is trading below 20&60 hourly SMA indicating negative bias in the intraday. Crude Oil continues to remain in a downtrend in the intraday, so selling on rallies continues to be our preferred strategy.

SELL CRUDE OIL BELOW 8270 SL ABOVE 8400 TGT 8100/8000

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