Sell Gold Around 62600 SL ABOVE 62800 TGT 62350/62000 - Axis Securities
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GOLD
Gold prices closed on a negative note in the last session. Prices opened with a upward gap but it failed to sustain near the day's high and closed around 62208 level down by 0.30 percent. On the daily chart prices settled below 9 EMA for the first time in more than three week which is negative for prices. Momentum indicator RSI has slipped below 60 level indicating sign of exhaust from bull at the higher level. Traders can sell Gold on rallies around 62600 for the target of 62350 on intraday basis.
SELL GOLD AROUND 62600 SL ABOVE 62800 TGT 62350/62000
CRUDE OIL
Crude oil prices exteneded in losing streak for four days in a row. Prices settled around 6076 and was down by more than 1 percent. On the daily chart prices is trading below 20 and 60 EMA and RSI is also below its reference line which is favourable for bears. Prices is facing multiple rejection around 6200 level from past few days indicating supply zone around the mentioned level. Traders can sell Crude oil on rallies around 6160 for the target of 6090 on intraday basis.
SELL CRUDE OIL AROUND 6160 SL ABOVE 6220 TGT 6090/6000
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