Gold
As seen, weekly price pierced its prolonged down trend line and also trading above its crucial moving averages. As last weeks fed meeting, maintained there Status quo and that created boon for the Commodities. We assume trader will find attractive buying opportunity near 26241 levels above move till 26800-27100.
Crude
After a steep fall, price tried to recover some of its fall but failed and closed at its lows. But interestingly, price formed an Inverted Hammer and also Bullish Harami pattern. Hence we advice to go long above 3020 ( Oct series) for the targets till 3210-3290 levels.
Nifty
After an interesting week and between a see saw ride Nifty finally digested the Fed decision and heading towards the RBI meeting. Where we are expecting 25bps rate cut. But that’s not important , the important thing is the severity of rate cut i.e 50 bps. Beacuse we assume 25bps is more or less is discounted. Hence we advice to go long in Nifty only above 8055 levels.
Same thing is suggesting by the Technical Daily chart. It formed a shooting star at the top and gained entered in the triangle pattern. hence initiate long only above 8055 levels and below 7880 fall is expected till 7700-7640 levels.