Daily Commodity Reports

CRUDEOIL

Tuesday 23 December, 2025

Technical Outlook – Crude Oil Futures 
Crude Oil continues to trade within a broader bearish structure, with price action respecting a well-defined descending trendline that has capped multiple recovery attempts. The recent bounce from the 5,010 demand zone has led to a short-term pullback rally, but the move remains corrective in nature as long as prices stay below the falling trendline and the 5,300–5,320 resistance band. This zone also coincides with a previous breakdown level, reinforcing it as a strong supply area. The overall bias remains cautious to negative, with sellers likely to regain control on any rejection near the trendline. A sustained breakdown below 5,150 would expose 5,010 once again, and a breach of this support could accelerate declines toward 4,900. On the upside, only a decisive close above 5,320 would signal a structural shift, opening room for a recovery toward 5,430 and 5,600. Until then, price action suggests range-to-bearish behavior with selling pressure dominating near resistance.

 

 

Short-Term Research Report Call
Buy Above: 5,320 | Targets: 5,430 – 5,600 | Stop-Loss: 5,230
Sell Below: 5,150 | Targets: 5,010 – 4,900 | Stop-Loss: 5,260

Validity

18/12/2025

Pivot

5223.67

Buy Above

5235.99

R1

5252.93

R2

5270.64

R3

5302.21

Stop Loss

5231.37

Pivot

5223.67

(All values are in INR)

Sell Below

5211.35

S1

5194.41

S2

5176.70

S3

5145.13

Stop Loss

5215.97

GOLD

Tuesday 23 December, 2025

Technical Outlook – Gold Futures 
Gold Futures continue to trade with a strong bullish bias, maintaining higher highs and higher lows after a decisive breakout from the prior corrective structure. Price has successfully transitioned from a falling channel into a rising channel, confirming a clear trend reversal in favor of buyers. The recent consolidation within the upward channel reflects healthy price digestion after the sharp rally, with buyers firmly defending the 134,000–133,500 zone, which now acts as a strong demand base. As long as Gold holds above this support region, the upside structure remains intact, and a sustained move above 136,800 could open the door for further upside toward 138,000, followed by 139,500. On the downside, any corrective pullback is expected to find buying interest near 133,500–132,800, aligning with channel support and prior breakout levels. The broader momentum remains positive, and only a breakdown below 132,500 would weaken the bullish structure and shift bias toward consolidation. Until then, the trend clearly favors continuation on the upside.

 

 

Short-Term Research Report Call
Buy Above: 136,800 | Targets: 138,000 – 139,500 | Stop-Loss: 133,900
Sell Below: 132,500 | Targets: 131,000 – 129,800 | Stop-Loss:  134,300

Validity

05/02/2026

Pivot

133720.00

Buy Above

134198.08

R1

134855.44

R2

135542.68

R3

136767.76

Stop Loss

134018.80

Pivot

133720.00

(All values are in INR)

Sell Below

133241.92

S1

132584.56

S2

131897.32

S3

130672.24

Stop Loss

133421.20

NATURAL GAS

Tuesday 23 December, 2025

Technical Outlook – Natural Gas Futures 
Natural Gas remains under strong bearish pressure after a decisive breakdown from its rising channel structure, confirming a clear shift in trend from bullish to bearish. The sharp sell-off has unfolded within a steep descending channel, highlighting aggressive supply dominance. Price has now slipped below the key 360–355 support zone, which earlier acted as a demand base, turning it into immediate resistance on pullbacks. The current structure suggests continuation weakness, with the next major downside support placed near 345, followed by 330 if selling momentum accelerates. Any recovery attempts are likely to face selling pressure near 365–375, which aligns with the falling channel resistance and prior breakdown area. The broader bias remains decisively negative unless price reclaims 380 on a sustained closing basis, which would indicate short-term stabilization. Until such a reversal occurs, bears remain firmly in control, and downside continuation remains the dominant scenario.

 

 

Short-Term Research Report Call
Buy Above: 380 | Targets: 395 – 410 | Stop-Loss: 368
Sell Below: 350 | Targets: 340 – 330 | Stop-Loss: 362

Validity

26/12/2025

Pivot

377.27

Buy Above

380.00

R1

383.76

R2

387.70

R3

394.71

Stop Loss

378.98

Pivot

377.27

(All values are in INR)

Sell Below

374.53

S1

370.77

S2

366.84

S3

359.82

Stop Loss

375.56

Market Commentary

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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