Sell Gold Below 51400 Sl Above 51500 Tgt 51300/51200 - Axis Securities
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GOLD
Gold opened with downward gap and selling pressure throughout the session led it to close near day's low. Gold closed at 51479 with a loss of 124 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 long upper shadow indicating selling pressure as well as resistance at higher levels. Prices is trading near 60 days EMA i.e 51400 on daily chart. Breakdown and sustained selling below the mentioned level may drag prices lower towards 51250 on intraday basis
SELL GOLD BELOW 51400 SL ABOVE 51500 TGT 51300/51200
SILVER
Silver opened sharply lower with a downward gap and selling pressure throughout the session dragged it lower to close near the day's low. Silver closed at 55496 with a loss of 947 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. On hourly chart Silver is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Silver continues to remain in a downtrend in the short to medium term, so sell on rallies continues to be our preferred strategy.
SELL SILVER BELOW 56000 SL ABOVE 56400 TGT 55600/55000
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