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Gold

Gold opened with an upward gap and witnessed selling for first part of the session. However last hour pullback action led it close on a positive note. Gold closed at 53749 with a gain of 286 points. The daily strength indicator RSI continue to remian flat and is above its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small Bullish candle with upper shadow indicating selling pressure as well as resistance at higher levels. On hourly chart it is trading below 20 and 9 days EMA which is a negative sign for prices. Traders can sell Gold on rallies around 53900 for the target of 53700 on intraday basis.

SELL GOLD AROUND 53900 SL ABOVE 54100 TGT 53650/53400

Silver

Silver opened on a flat note and witnessed extreme volatality on eitherside for most part of the session. Silver closed at 65381 with a gain of 190 points.The daily strength indicator RSI continue to remian flat and is below its reference line indicating absence of momentum on either side. On the daily chart the It has formed a Small bearish candle with either side shadows indicating lackluster movement throughout the session. On hourly chart Silver is trading below 20 and 60 day EMA's which indicate negative bias in the short term. Strong support zone is seen around 65000 level. Breakdown below the mentioned level may push prices lower towards 64500 on intraday basis.

SELL SILVER BELOW 65000 SL ABOVE 65400 TGT 64500/64200

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