MCX Crude oil rebound to trade above ₹7,800 per barrel as Middle East crisis escalates, MCX Gold and Silver trade lower

Market recap (as of 7:00 pm)

• Gold 2 April Futures: ₹1,62,089/ 10 gram (▼ 0.7%)
• Silver 5 May Futures: ₹2,68,284/ 1 kg (▼ 3.4%)
• Crude Oil 19 March Futures: ₹7,855/ 1 BBL (▲ 5.8%)

Technical view

MCX Gold traded with a mildly negative bias today, but remained above the crucial support zone of ₹1,60,000. Prices attempted a recovery during the session, but encountered resistance at the short-term moving averages of around ₹1,62,000–₹1,63,000. This indicates a lack of strong momentum. The metal remains trapped within a broader range of ₹1,60,000 to ₹1,69,600. Meanwhile, the flattening moving averages and subdued ADX reading suggest weak trend strength and consolidation in the near term.

Silver traded sideways with a slight downward bias, with prices slipping below the ₹2,77,000 resistance zone and hovering near the ₹2,70,000 level. The repeated failure to reclaim ₹2,77,000 suggests ongoing selling pressure at higher levels. Meanwhile, the metal continues to trade within the broader range of ₹2,57,800–₹2,77,000. The relatively low ADX reading suggests that the market may remain range-bound unless a decisive breakout occurs.

Crude oil prices saw a modest recovery today following the sharp correction earlier on, with the contract bouncing back from the ₹7,215 support level. However, prices are still struggling to rise decisively above the short-term moving averages near the ₹8,000 zone, which suggests that there is still selling pressure at higher levels. The cooling ADX suggests that the earlier strong trend has slowed and that crude may continue to consolidate unless it remains above ₹8,000 or falls below the ₹7,215 support level.

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