Daily Commodity Reports

CRUDEOIL

Monday 22 December, 2025

Technical Outlook – Crude Oil Futures 

 Crude Oil continues to trade under sustained bearish pressure, firmly respecting its descending trendline structure, which indicates a well-established downtrend on the 4-hour timeframe. Price action remains capped below the falling trendline and has failed to reclaim the key supply zone around 5,300–5,330, reinforcing the dominance of sellers. The recent breakdown below the 5,200 handle has pushed prices closer to the major horizontal demand zone near 5,050–5,010, which aligns with prior swing lows and acts as a critical support base. As long as Crude Oil trades below 5,300, any recovery attempt is likely to face selling pressure. A decisive breakdown below 5,010 could accelerate downside momentum toward 4,950 followed by 4,900 as extended bearish targets. The overall bias remains negative unless price manages to break and sustain above the descending trendline, which would be the first sign of trend exhaustion. Until then, the structure clearly favors continuation on the downside.

 

Short-Term Research Report Call
Buy Above: 5,330 | Targets: 5,420 – 5,500 | Stop-Loss: 5,250
Sell Below: 5,100 | Targets: 5,000 –  4,900 | Stop-Loss: 5,180

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

Monday 22 December, 2025

Technical Outlook – Gold Futures 
Gold continues to trade within a strong bullish structure after its recent breakout from the rising channel, indicating sustained higher-timeframe strength. Following the sharp impulsive rally, price action has transitioned into a brief consolidation phase near the highs, forming a tight symmetrical triangle just below the 134,500–135,000 supply zone. This consolidation reflects healthy pause behavior rather than distribution, suggesting underlying demand remains intact. The broader trend stays positive as long as Gold holds above the key support zone of 133,200–133,000, which aligns with the breakout base and short-term demand area. A decisive breakout above 134,500 would likely trigger trend continuation toward 136,000, followed by 137,500 as the next upside extension levels. On the downside, a breakdown below 133,000 could invite a corrective move toward 131,800 and 130,500, though such declines are expected to be corrective in nature unless momentum weakens significantly. Overall, the bias remains bullish with consolidation favoring an upside resolution.

 

Short-Term Research Report Call
Buy Above: 134,500 | Targets: 136,000 – 137,500 | Stop-Loss: 133,200
Sell Below: 133,000 | Targets: 131,800 – 130,500 | Stop-Loss: 134,200

 

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

Monday 22 December, 2025

Technical Outlook – Natural Gas Futures 
Natural Gas has witnessed a sharp trend reversal after breaking down decisively from its rising channel structure, indicating a strong shift in market sentiment from bullish to bearish. The aggressive sell-off from the 485–490 zone has resulted in a steep corrective decline, forming a short-term falling channel and pushing prices toward the major demand area around 355–360. This zone aligns with previous swing lows and is currently acting as a crucial support base, where some stabilization attempts are visible. However, the overall structure remains weak as long as price trades below the key supply and breakdown retest zone near 395–405, which coincides with the earlier channel support turned resistance. A sustained move below 355 would open the door for further downside toward 340, followed by 325 as extended bearish targets. Any recovery is likely to remain corrective unless Natural Gas reclaims 405 decisively, which would signal short-term trend exhaustion and open room for a pullback toward 425. Until then, the broader bias continues to favor sellers, with volatility remaining elevated.

 

Short-Term Research Report Call
Buy Above: 405 | Targets: 420 – 435 | Stop-Loss: 390
Sell Below: 355 | Targets: 340 – 325 | Stop-Loss: 370

 

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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