As per our technical view Gold prices sustained above $1240(28250) and have taken strong support. It is just commencing forward rally towards $1275-$1300, (28880- 29400). This is a result of the cross over moving average where the Long term 100-day moving average of gold prices crosses above the Short term 50-day moving average as seen in the chart. This indicates a bullish momentum. Buy signal is given at $1251(28400). On such occasions, the moving average crossover system can be an effective strategy that can be adopted.
But Yesterday Day candle closed Neutral Doji which shows the indecision at current level for short term trading opportunity.
Gold prices uptrend pressure will be at $1265(28650) and the support is seen today at $1246(28350). Both rates will be a triggering point which leads to be short term support and resistance
Crude oil prices continue to push higher everyday as market is expected to reach upside resistance line at 49.88(3200) which is Megaphone chart pattern trend line.
In this way, the market displays crawling movement towards resistance area but investors should hold in mind that there could be some sort of selling pressure due to long term slope line.
This is a bullish trend which generates pressure that comes to break above at 49.88(3200) barrier line, and then next fresh high expected to move towards $52. (3333)
Crude oil in a short-term view is fundamentally strong but there will be technical interface involved in challenging factors. It is necessary to monitor the turning place which would be the upper slope line at $49.88(3200). If it breaks below $48.20(3090) then we should treat this as a selling opportunity where both prices meet and travel to towards $45.40. (2900).