MCX Crude Oil falls over 6% as US halts military strikes on Iran, announces fresh talks

Market recap (as of 3:00 pm)

• Gold 5 Oct Futures: ₹1,43,610/ 10 gram (▲ 0.1%)
• Silver 4 Sept Futures: ₹2,18,266/ 1 kg (▲ 0.4%)
• Crude Oil 20 July Futures: ₹7,619/ 1 BBL (▼ 6.1%)

##Technical outlook

MCX Gold is trading near ₹1,41,950 and remains stuck in a narrow range. The price is close to the 20-period and 50-period EMAs, but it has not shown a clear breakout yet.The broader structure remains weak below ₹1,46,000. On the downside, ₹1,39,801 remains the key support zone. Meanwhile, the DMI setup remains weak, while ADX is near 29.7. This shows that sellers still have the edge.

MCX Silver has recovered from the ₹2,15,249 to ₹2,13,851 support zone and is now trading near ₹2,18,950. The price has moved above the 20-period and 50-period EMAs, which shows an early recovery attempt. However, silver is still below the important resistance of ₹2,20,700. A sustained move above this level can improve the structure and open the way towards ₹227,690. Meanwhile, the DMI setup is mildly positive, but ADX is low near 18. This shows that the recovery is still developing and needs follow-through.

MCX Crude oil has slipped sharply from the ₹8,158 resistance zone and is now trading near ₹7,574. The price has moved below both the 20-period and 50-period EMAs, which shows that the short-term trend has weakened.

The immediate support is placed at ₹7,543. This is now the most important level to watch. If crude oil fails to hold this level, the weakness may extend further. On the upside, ₹8,158 is now the key resistance. Meanwhile, the DMI setup also favours sellers, while ADX is near 21, showing moderate trend strength.

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.