MCX Crude oil drops over 5% on Israel-Lebanon ceasefire and US-Iran further talks; MCX Gold trades flat

Market recap (as of 4:00 pm)

• Gold 5 June Futures: ₹1,53,045/ 10 gram (▼ 0.07%)
• Silver 5 May Futures: ₹2,51,773/ 1 kg (▲ 1.2%)
• Crude Oil 20 April Futures: ₹8,381/ 1 BBL (▼ 5.3%)

Technical view

MCX Gold traded flat to marginally negative today, consolidating just below the key resistance zone of ₹1,54,900 to ₹1,55,000. The price action shows range-bound movement near highs, indicating a pause after the recent rebound. However, the broader structure remains positive as long as prices hold above ₹1,52,500. A decisive breakout above ₹1,55,000 can trigger fresh upside, while a break below ₹1,52,500 may lead to short-term weakness.

Silver traded largely sideways with a mild positive bias, holding above the ₹2,50,000 mark. IT has reclaimed hourly 20 and 50 moving averages on a closing basis. Despite some loss of momentum (as seen in easing ADX), the structure remains constructive with higher lows intact. A breakout above ₹2,55,000 can resume the uptrend, while ₹2,48,000–₹2,50,000 remains immediate support.

MCX Crude oil extended the weakness today and slipped below the immediate support zone of ₹8,500 zone. The price action reflects weakness, with prices struggling to sustain above short-term moving averages. The structure remains bearish as long as it stays below ₹8,800–₹9,000, while immediate support is placed near ₹8,070. A breakdown below this level can trigger fresh downside, whereas only a sustained move above ₹9,000 can signal a meaningful recovery.

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.