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CRUDE OIL

In the previous trading session, crude oil prices staged a recovery and settled around the 6008 level, registering a gain of over 1 percent. Notably, from past few days prices is facing resistance near the 6160 level on the daily chart, struggling to maintain a foothold above it, suggesting the presence of a significant supply zone around that region. Furthermore, an ascending triangle pattern is observed in the price action, indicative of a potential breakout in the future. However, it is important to note that the momentum indicator, RSI, is currently trading flat, suggesting a sideways trend for crude oil prices. Given these observations, our recommendation for market participants would be to consider selling on any upward movement as long as the 6160 level remains unbreached on the upside

SELL CRUDE OIL AROUND 6100 SL ABOVE 6160 TGT 6030/6000

GOLD

Gold prices extended their bearish trend for the third consecutive day, with the settlement around 59372, breaching the crucial support zone at the 59500 level. Notably, the daily chart reveals a fresh multi-month low, accompanied by trading below the 20 and 60 Exponential Moving Averages (EMA). Furthermore, the Relative Strength Index (RSI) is approaching the 40 level, indicating strong downward momentum in the market. Adding to the negative sentiment, the probability of a rate hike in the upcoming June meeting has increased to 60 percent, which could potentially serve as a catalyst for further downside pressure on gold. In the short term, the overall trend appears negative for prices. Sell on rise is recommended on intraday basis

SELL GOLD AROUND 59600 SL ABOVE 59800 TGT 59400/59200

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