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  1. Commodity trade setup Jan 9: Gold bullish ahead of U.S. jobs data, Crude steady at ₹6,300

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Commodity trade setup Jan 9: Gold bullish ahead of U.S. jobs data, Crude steady at ₹6,300

Upstox

3 min read | Updated on January 09, 2025, 18:03 IST

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SUMMARY

Ahead of December’s U.S. jobs data release on Friday, gold and silver are sustaining their bullish momentum, with both trading above the 21 EMA. As long as they hold above this level, the bullish trend is likely to persist.

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Commodity trade setup Jan 9: Gold bullish ahead of U.S. jobs data, Crude steady at ₹6,300

Gold 5 Feb Futures: ₹78,144/ 10 gram (▲0.5%) Silver 5 March Futures: ₹91,724/ 1 kg (▲0.8%) Crude Oil 17 Jan Futures: ₹6,317/ 100 BBL (▲0.1%) (As of 17:54 pm)
Gold: The yellow metal trades marginally higher, with spot gold trading 0.28% higher at $2,679 per ounce. Gold prices are positive amid a fall in the U.S. dollar index. Uncertainty around Donald Trump's trade tariffs and immigration policies fueled demand for safe-haven assets. President-elect Donald Trump is officially set to resume office on January 20.
Silver: Silver prices traded higher, up 0.68% at $30.89 per ounce in the spot market. Precious metal investors look forward to key economic data, including the U.S. initial jobless claim and FOMC member Patrick Harker's speech.
Crude Oil: Oil prices traded marginally lower, with Brent Futures trading around $76.03, down 0.18%, while WTI Crude traded 0.27% lower around $73.15. Oil prices traded flat after yesterday’s fall of more than 1%. Higher winter fuel demand expectations and large fuel inventories in the US supported the prices.

Experts believe global oil demand will remain firm this month amid colder winters, which could boost heating fuel consumption and the onset of travel activities in China ahead of the Lunar New Year later this month.

Technical structure

Gold: The yellow metal extended the winning streak for the third day in a row and is currently trading above the immediate resistance of ₹78,000. Gold is sustaining the positive momentum and is currently trading above its 21 and 50 day exponential moving averages (EMAs). Meanwhile, the immediate resistance is visible around ₹79,100.
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Silver: Silver continued its winning streak for the seventh consecutive day, currently trading above the 50 EMA. On January 6, silver broke out of a ten-day consolidation phase, reclaiming the 21 EMA on the daily chart. However, the metal is now approaching a critical resistance level at the 200 EMA. A decisive close above this resistance could pave the way for further bullish momentum, reinforcing its upward trend.
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Crude oil: Crude oil remained in consolidation around the ₹6,300 zone for the third consecutive day, following a sharp 8% rally over the previous nine trading sessions. Profit-booking has kept prices hovering near this level.

On the daily chart, the technical outlook for crude oil remains bullish, with immediate support at ₹6,250. As long as prices hold above this support, the trend is likely to remain sideways to bullish.

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The open interest data for the 15 January expiry saw significant call and put base at 6,300 strike, suggesting consolidation around this zone. Meanwhile, the strong put base remains established at 6,000 strike, indicating crucial support for the crude around this zone.

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Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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