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Crude oil

Crude oil prices experienced an upward price gap during the morning session and ended the day with little change, settling around 6118. On the daily chart, a spinning top candlestick pattern formed at the peak of the recent rally. This pattern suggests a cautious stance regarding the current uptrend. However, it's worth noting that prices remain above the 20 and 60 (EMA) on the daily chart, indicating a positive trend. The(RSI) is also above its reference line, further supporting the notion of a positive trend for prices. Looking ahead, there is a resistance zone observed around the 6200 level. A breakout above this level could potentially propel prices higher, potentially reaching the 6250 level.

BUY CRUDE OIL ABOVE 6200 SL BELOW 6150 TGT 6250/6300

GOLD

Gold prices closed on a negative note in the last session as it failed to sustain higher the day's high of 60380 level. From past few days prices is stuck in the trading range between 59700 and 60400 level. On the daily chart price is trading below 9 and 20 EMA and RSI is trading flat indicating sideways to negative trend for prices. We expect prices to trade in a range with a bearish view. Sell on rise is recommended in Gold around 60200 for the target of 60000 on intraday basis.

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