CRUDEOIL
Friday 23 January, 2026
Technical Outlook – Crude Oil Futures (4H)
Crude Oil Futures remain in a broader bullish structure, but the near-term momentum has shifted to corrective-to-range-bound after facing strong rejection near the 5,600–5,620 supply zone. Price failed to sustain above 5,600, leading to profit booking and a pullback toward the 5,430–5,450 demand-conversion zone, which earlier acted as a breakout level. The overall structure still shows higher highs and higher lows, supported by the sharp rally from the 5,010–5,050 base, indicating that the broader trend has not reversed. However, the steep rising channel has been violated, suggesting short-term exhaustion. As long as Crude Oil holds above 5,300, the bullish structure remains intact and the current decline should be viewed as a healthy retracement. A sustained move below 5,300 would weaken the structure and open downside risk toward 5,120–5,050. On the upside, acceptance above 5,600 is required to resume the primary uptrend toward higher resistance levels.
Short-Term Research Report Call
Buy Above: 5,600 Targets: 5,700 – 5,780 Stop-Loss: 5,430
Sell Below: 5,300 Targets: 5,180 – 5,050 Stop-Loss: 5,380
Click here to view PDF
Validity
19/02/2026
Pivot
5487.33
Buy Above
5515.81
R1
5554.97
R2
5595.91
R3
5668.89
Stop Loss
5505.13
Pivot
5487.33
(All values are in INR)
Sell Below
5458.85
S1
5419.69
S2
5378.75
S3
5305.77
Stop Loss
5469.53
GOLD
Friday 23 January, 2026
Technical Outlook – Gold Futures
Gold Futures remain in a strong bullish trend, respecting an ascending channel structure on the 4H timeframe. Price has delivered an impulsive breakout above the 1,52,000–1,53,000 supply zone, confirming continuation strength. The rally extended sharply toward 1,58,052, where profit booking emerged, indicating a major overhead resistance zone. Despite the rejection, price is holding firmly above the key breakout base at 1,51,960, which now acts as an immediate demand and trend validation level. The broader structure remains bullish as long as Gold sustains above 1,50,000–1,51,000, supported by the rising channel and higher-high–higher-low formation. Any consolidation between 1,52,000 and 1,56,000 should be treated as healthy, while a decisive breakout above 1,58,052 would open fresh upside momentum. Only a breakdown below 1,51,960 would indicate short-term exhaustion and a deeper corrective phase toward 1,48,000–1,46,500.
Short-Term Research Report Call
Buy Above: 1,56,000 Targets: 1,58,050 – 1,60,000 Stop-Loss: 1,51,900
Sell Below: 1,51,900 Targets: 1,49,000 – 1,46,500 Stop-Loss: 1,56,400
Click here to view PDF
Validity
05/02/2026
Pivot
154068.00
Buy Above
155397.44
R1
157225.42
R2
159136.49
R3
162543.18
Stop Loss
154898.90
Pivot
154068.00
(All values are in INR)
Sell Below
152738.56
S1
150910.58
S2
148999.51
S3
145592.82
Stop Loss
153237.10
NATURALGAS
Friday 23 January, 2026
Technical Outlook – Natural Gas Futures
Natural Gas Futures have shifted into extreme volatility with a sharp bullish reversal, following a prolonged bearish phase from the 500–480 supply zone down to the 280–255 major demand base. Price formed a strong base near 280–285, from where an impulsive short-covering rally triggered a vertical move, breaking multiple resistance levels at 313, 340, 360, and 380 in quick succession. The recent candle shows a high-volume spike toward 510–520, followed by immediate rejection and profit booking, indicating supply pressure near the 500 psychological and historical resistance zone. Despite the rejection, the structure has shifted from bearish to short-term bullish, as price is now trading well above the prior breakdown range of 340–360, which should act as a key demand zone on pullbacks. As long as Natural Gas sustains above 380–360, the bullish bias remains intact, though volatility is expected to stay elevated. A sustained acceptance above 500 would open further upside, while a breakdown below 360 would signal exhaustion and a deeper corrective move.
Short-Term Research Report Call
Buy Above: 500 Targets: 520 – 550 Stop-Loss: 465
Sell Below: 360 Targets: 330 – 300 Stop-Loss: 390
Click here to view PDF
Validity
27/01/2026
Pivot
477.40
Buy Above
488.04
R1
502.67
R2
517.97
R3
545.23
Stop Loss
484.05
Pivot
477.40
(All values are in INR)
Sell Below
466.76
S1
452.13
S2
436.83
S3
409.57
Stop Loss
470.75
SILVER
Friday 23 January, 2026
Technical Outlook – Silver Futures
Silver Futures continue to trade in a strong bullish structure, maintaining a well-defined ascending channel on the 4H timeframe. Price has delivered an impulsive rally from the 2,85,000–2,92,000 demand zone, followed by a decisive breakout toward the 3,25,000–3,30,000 resistance band, where supply pressure emerged. The recent consolidation near 3,26,500 indicates acceptance at higher levels rather than distribution, which keeps the broader trend intact. As long as Silver holds above the key breakout base at 3,08,000–3,10,000, the bias remains firmly bullish. A sustained move above 3,30,000 would confirm trend continuation and open higher upside projections toward 3,45,000–3,60,000. Any corrective dip toward 2,92,000 should be viewed as a healthy pullback within the primary uptrend, while a breakdown below 2,85,000 would signal a deeper correction and temporary trend exhaustion.
Short-Term Research Report Call
Buy Above: 3,30,000 Targets: 3,45,000 – 3,60,000 Stop-Loss: 3,08,000
Sell Below: 2,92,000 Targets: 2,85,000 – 2,70,000 Stop-Loss: 3,26,500
Click here to view PDF
Validity
05/03/2026
Pivot
320685.33
Buy Above
324955.57
R1
330827.15
R2
336965.62
R3
347908.11
Stop Loss
323354.23
Pivot
320685.33
(All values are in INR)
Sell Below
316415.09
S1
310543.51
S2
304405.04
S3
293462.55
Stop Loss
318016.43
Market Commentary
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Note: Above information is not recommending any buy or sell position, this is for your reference only and trading or investment in commodities & derivatives is subject to market risk.
Disclaimer: Investment in securities/commodities market subject to market risk, read all the related documents carefully before investing/trading.
Analyst Certification: I/We, Ayushi Jain Research Analyst, authors, and the name subscribed to this report, hereby certify that all the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. NISM Research Analyst registration number – NISM-201900015194.
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