TRADE IDEA ON GOLD AND CRUDEOIL

GOLD: Last week, Gold December contract prices witnessed a brutal sell off and have lost 3.79% to end at 29578. On technical front prices have corrected 38% of the rally ranging from (24460 – 34470). Now the next key support is at the 29000 level and on daily chart prices has formed positive Doji candle stick signifying buying supports at lower levels. Going forward, we could see prices recovering from the supports of 29000 levels. For the week, immediate resistances lie at 29800 then 30500. The momentum indicator RSI and MACD are still in a bearish tone so we recommend buying on dips around supports of 29000 levels. 

	R2	R1	S1		S2	TREND
GOLD	30000	29800	29500		29400	SIDEWAYS

CRUDEOIL: In line with expectation, Crude oil October contract prices extended its gaining streak by beaching the key long term trend line resistance of 3000 and ended at 3323 mark. Now the immediate support is at 3295 and as long as it holds above it the upside momentum remains intact and can move towards the previous high of 3442. However, a breakdown below 3295 will provide a correction till 3180 levels. The momentum indicator RSI and MACD are on a positive note and signifying bullish momentum.

	R2	R1	S1		S2	TREND
CRUDEOIL	3380	3350	3300		3280	SIDEWAYS