Commodities commentary by Pranav Mer, Vice President, EBG - Commodity & Currency Research of JM Financial Services 

Crude oil prices are trading slightly lower today, amid some profit-booking from the recent rally and as we look ahead to weekly oil inventory data later in the day. Also, some caution is seen in the market ahead of the U.S. Fed meeting outcome.Technically, momentum remains positive with support at 6780/ 6685 and resistance at 7000.

Gold continues to consolidate in a range as the upside remains capped by a stronger U.S dollar, and as we wait for U.S. Chairman Jerome Powells statement at the end of the policy meeting later today. Technically, prices are holding above support at 65100, until not breached, the trend remains positive, and prices may move higher towards 66000-66300.