Crude oil prices surprised the bear which were in control in the last session - Axis Securities Ltd
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GOLD
Gold prices closed on a flat note in the last session. Prices rallied all the way up till 61000 level but it failed to sustain near the day's high and settled around 60740 level. However on the daily chart prices closed above 20 EMA and RSI is also above its reference line which indicate that momentum is strong for prices. Traders can buy Gold on dips around 60600 level for the target of 60800 on intraday basis.
BUY GOLD AROUND 60600 SL BELOW 60450 TGT 60800/61000
CRUDE OIL
Crude oil prices surprised the bear which were in control in the last session. Prices rallied by more almost 5 percent after a severe 6 percent drop in the last session. Settlement was around 6333 level. However it is still trading below 9 and 20 EMA and RSI is also around 40 level mark which indicate that momentum is stiill weak. Immediate resistance is placed around 6450 level. As long as mentioned levle is intact sell on rise is recommended in Crude oil for intraday basis.
SELL CRUDE OIL AROUND 6400 SL ABOVE 6450 TGT 6340/6260
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