Sell Gold Below 59000 SL Above 59150 TGT 58800 - Axis Securities
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Gold
In the last session, Gold prices opened with a downward gap and closed on a negative note. On the daily Prices settled around 59140 and it was down by more than 200 points. Prices traded in a tight range on account of the US market holiday. On the daily chart, the price is trading below 20 and 60 EMA and RSI is below its reference line which is a negative sign for prices. Strong support is placed around 59000. A breakdown below the mentioned levels will be a bearish sign and the price may drift lower toward the 58800 level on an intraday basis
SELL GOLD BELOW 59000 SL ABOVE 59150 TGT 58800
Crude Oil
Crude oil prices extended their winning streak for three consecutive days, settling around 5865 and registering a gain of 0.41 percent. However, prices failed to sustain near the day's high due to profit booking. Prices cannot sustain above the 5930 level from the past few days, indicating that it is a supply zone for prices. New from China may act as a catalyst for Crude oil this week. As long as the mentioned resistance level is intact sell on the rise is recommended in Crude oil
SELL CRUDE OIL AROUND 5930 SL ABOVE 6000 TGT 5860
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