MCX Crude oil fall over 10% as US halts strike on Iran’s energy infrastructure; MCX Gold declines over 2%

Market recap (as of 7:00 pm)

• Gold 2 April Futures: ₹1,40,581/ 10 gram (▼ 2.7%)
• Silver 5 May Futures: ₹2,24,444/ 1 kg (▼ 1.0%)
• Crude Oil 20 April Futures: ₹8,320/ 1 BBL (▼ 10.1%)

Technical view

MCX Gold came under aggressive selling pressure, breaking down sharply below the ₹1,48,500 support level and briefly testing lower levels near ₹1,30,000, before stabilising. This price movement indicates a significant bearish trend, supported by an increasing ADX above 45. Although a minor bounce is visible from lower levels, the overall structure remains weak and any recovery is likely to be met with selling pressure unless prices reclaim the ₹1,48,500 zone, which now acts as immediate resistance. Short-term traders should wait for a meaningful pullback as the risk-reward for fresh short trades stands unfavourable.

Silver extended its downtrend with another sharp decline, decisively breaking below the ₹2,00,000 support level before experiencing a minor intraday recovery. The structure remains clearly bearish, with prices trading below both the 20-day and 50-day moving averages (DMAs), and the Average Directional Index (ADX) near 48, signalling strong downside momentum. However, for short-term traders, the risk reward for fresh short trades has turned unfavourable. Unless silver reclaims ₹2,20,000–₹2,35,000 resistance zone, trend may remain weak.

MCX Crude oil saw some profit-taking today after reaching the ₹9,500–₹9,600 zone, with a rejection candle forming near the resistance level. Despite this dip, the outlook remains positive as prices continue to hold above the ₹9,250 support level and key moving averages. The broader trend still reflects a higher high–higher low formation, but the current pause suggests consolidation following the recent upward movement. Sustained movement above ₹9,600 could resume the upward trend, whereas a fall below ₹9,250 could lead to short-term weakness towards ₹8,800.

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