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CRUDE OIL

The crude oil market experienced a surge in prices during the last trading session as the commodity breached a significant resistance level of 5900 and reached an intraday high of 6030. This resulted in a notable increase of over 3% in the price of crude oil. Upon analysis of the daily chart, it can be observed that a large bullish candle has been formed and the closing price was above the high of the preceding session. Additionally, the price of crude oil has surpassed the 9-day Exponential Moving Average (EMA), which is an optimistic indication for further price increases. The Relative Strength Index (RSI) is also indicating a strong bullish momentum as it is above its reference line. Based on these technical factors, traders are advised to purchase crude oil on any potential price dips for an intraday trading opportunity

BUY CRUDE OIL AROUND 5930 SL BELOW 5900 TGT 5970/6020

GOLD

Gold prices concluded the last session with a bearish tone as the commodity closed around 60142, down by almost 100 points. Analysis of the daily chart reveals that gold is currently trading below the 20-day and 9-day Exponential Moving Averages (EMA), indicating a downtrend. Additionally, the Relative Strength Index (RSI) is below its reference line, which is further signaling a negative trend for gold prices. We expect gold prices to remain biased towards the downside, as long as the key resistance level of 60550 is not breached. Therefore, we recommend selling on any potential price rises in gold for an intraday trading opportunity.

SELL GOLD AROUND 60400 SL ABOVE 60550 TGT 60200/60000

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