Sell Gold AROUND 58800 SL ABOVE 59000 TGT 58600/58400 - Axis Securities Ltd
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Gold
Gold prices closed on a negative note in the last session and it settled around 58595 level. On the daily chart daily chart prices settled near the strong support zone of 58500 level.. Strong dollar index and rise in treasury yields after eleveated CPI data acted as a catalyst which dragged Gold prices lower. It is trading below 20 and 60 EMA and RSI is below its reference line which indicate that momentum is weak for prices. Traders may SELL Gold on rallies around 58800 for the target of 58600 on intraday basis.
SELL GOLD AROUND 58800 SL ABOVE 59000 TGT 58600/58400
Crud oil
Crude oil prices snapped its winning streak in the last session as surprise buildup in Crude oil inventory prompted traders to book profit. Prices settled around 7339 level and was down by more than 40 points. On the daily chart it has formed a shooting star candle which indicate possible reversal of the current downtrend. Traders may sell Crude oil on rallies around 7380 for the target
SELL CRUDE OIL AROUND 7380 SL ABOVE 7420 TGT 7320/7280
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