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CRUDE OIL 

Crude oil prices cracked lower in the last session. Prices were down by almost 2 percent and settled around the 6221 level. On the daily chart momentum indicator RSI is trading below its reference line and is moving lower indicating low momentum in prices. Moreover, prices are trading below 20 and 60 EMA on the daily chart which is a negative sign, Overall technical structure remains bearish. Strong support is seen around the 6200 level. A breakdown below the mentioned level may push prices lower towards 6140 on an intraday basis

SELL CRUDE OIL BELOW 6200 SL ABOVE 6260 TGT 6140/6100

Gold

Gold prices closed on a negative note in the last session. On the daily chart, prices are settled at 59960 and it was down by more than 300 points. On the daily chart momentum indicator, RSI is trading below its reference line, indicating that momentum is weak for prices. However, in the past few days, prices have been stuck in a range between 59700 and 60400 level. Prices are approaching a strong support zone of the 59700 level where bulls may try to defend the range. Buying is recommended around 59800 for the target of 60000 on an intraday basis

BUY GOLD AROUND 59800 SL BELOW 59600 TGT 60000/60200

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