Buy Gold Around 71800 SL 71500 TGT 72200 - Axis Securities Ltd
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Gold
Gold prices traded volatile in the last session due to mixed data print from the USA. Prices recovered sharply in the evening session after Retail sales and Empire Manufacturing data print. The settlement was around 72330 level and it was up by almost 500 points. The near term remains strong as on the daily chart it is placed above 20 and 9 EMA and momentum is also strong on the upside as RSI is above the 90 level mark. We expect Gold prices to trade with a positive bias for this week as long as the 71000 level is intact on the downside
BUY GOLD AROUND 71800 SL 71500 TGT 72200
Crude oil
Crude oil prices opened with a downward gap and it remained under selling pressure throughout the session. It closed around 7100 level and was down by more than 1 percent. On the daily timeframe, we observe a shooting star candle followed by a small red candle. This sequence aligns with a classical reversal pattern, indicating a probable shift in the market sentiment which is bullish. The immediate support zone is placed around the 7060 level. A breakdown below the mentioned may drag prices lower towards the 6980 level on intraday basis.
SELL CRUDE OIL BEOW 7060 SL 7120 TGT 6980
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