Buy Gold Around 62000 SL Below 61850 TGT 62200 - Axis Securities Ltd
Gold
Gold prices rallied in the evening session and closed higher above the immediate resistance zone of 62200 level in the last session. Prices was up by close to 0.60 percent and it settled above 20 EMA which is a positive sign. However in the morning session prices is trading lower due to strong dollar index so we expect a gap down opening. Buy on dips is recommended around 62000 level for intrday basis.
BUY GOLD AROUND 62000 SL BELOW 61850 TGT 62200
Crude Oil
Crude oil prices closed in red in the last session. Prices failed to sustain near the supply zone of 6500 level and settled around 6350 level. Prices was down by close to 3 percent in the last session. On the daily chart prices closed below 9 and 20 EM which is a negatve sign for prices. Sell on rise is recommended for the week as long as 6550 level is intact on weekly closing basis
SELL CRUDE OIL AROUND 6420 SL ABOVE 6500 TGT 6340/6280
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