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CRUDE OIL

In the previous session, crude oil prices experienced a significant decline, breaking below the crucial support zone at the 6100 level. The market settled around 5947, marking a decline of approximately 3 percent. Analyzing the daily chart, we observe the formation of a substantial red candle, with the closing price falling below the previous session's low. Furthermore, the prices are currently trading below the 20 and 60 Exponential Moving Averages (EMA). Additionally, the Relative Strength Index (RSI) is below its reference line, indicating a notable weakness in momentum.Given the current technical indicators, it is advisable for traders to consider purchasing crude oil on any potential rallies around 6040. The intraday target for this trade would be set at 6000

SELL CRUDE OIL AROUND 6040 SL ABOVE 6080 TGT 6000/5960

GOLD

In the previous session, gold prices concluded on a bearish note as they failed to sustain the higher levels, 59900 level. Furthermore, prices broke below the trading range between 59700 and 60400, settling around the 59470 level which indicates a negative signal for gold prices.Analyzing the daily chart, we observe that the price of gold is currently trading below both the 20-day and 60-day (EMA). Additionally, the (RSI) is trading below its reference line, signifying a weakness in price momentum.Considering the current market conditions, it is advisable for traders to consider selling gold on any potential rallies around the 59800 level. The intraday target for this trade would be set at 59600.

SELL GOLD AROUND 59800 SL ABOVE 60000 TGT 59600/59400

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