Sell Gold Below 56500 SL Above 56700 TGT 56300/56000 - Axis Securities
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GOLD
Gold prices edged lower in last session after better than expected Non-farm payroll data that dented precious metals appeal. Prices broke the support zone of 57500 and drifted lower towards 56500 level by more than 1000 points. On daily chart prices closed below 20 and 9 days EMA and RSI is below 60 level which is a negative sign for prices. Traders can Sell Gold below 56500 for the target of 56300 on intraday basis.
SELL GOLD BELOW 56500 SL ABOVE 56700 TGT 56300/56000
SILVER
Silver prices edged lower in last session after prices broke the strong support zone of 69000 and closed around 67600 level. On daily chart momentum indicator RSI is below its reference line which is a negative sign for prices and it closed below 20 and 9 days EMA which is a negative sign. Strong support zone in SIlver is seen around 67400 level. Breakdown below the mentioned level may push prices lower towards 67000 level.
SELL SILVER BELOW 67400 SL ABOVE 67700 TGT 67000/66500
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