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Crude Oil

Crude oil prices experienced a significant decline in the previous session as they breached the strong support level of 5900 and reached around 5750. The daily chart indicates the formation of a large red candle, which is a bearish signal, as prices closed below the previous session's low. Furthermore, both the 20 and 60 Exponential Moving Averages (EMA) were breached, indicating a negative trend, and the Relative Strength Index (RSI) dropped below its reference line, signaling further weakness in prices. Overall, the near-term outlook for crude oil prices appears negative. Traders may consider selling crude oil on any rallies around 5850, with a target of 5800 for intraday trading.

SELL CRUDE OIL AROUND 5850 SL ABOVE 5900 TGT 5800 /5750

Gold

Gold prices showed a strong rally in the previous session as they surpassed the resistance level of 59700 and closed around 59948. The daily chart reveals the formation of a large green candle, indicating a bullish signal, and prices closed above the previous session's high, which further reinforces the positive sentiment. Additionally, gold prices closed above both the 20 and 60 Exponential Moving Averages (EMA), signifying a positive trend. The momentum indicator, RSI, is also above its reference line, suggesting strong momentum for prices. Traders may consider buying gold on any dips around 59700, with a target of 59900 for intraday trading.

BUY GOLD AROUND 59700 SL BELOW 59550 TGT 59900/60100

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