MCX crude oil surge over 14% to trade above ₹8,400 per barrel amid rise in international prices

Market recap (as of 7:00 pm)

• Gold 2 April Futures: ₹1,61,752/ 10 gram (▲ 1.2%)
• Silver 5 May Futures: ₹2,68,751/ 1 kg (▲ 2.5%)
• Crude Oil 19 March Futures: ₹8,413/ 1 BBL (▲ 14.9%)

Technical view

MCX Gold April futures continued to trade under pressure as prices slipped below the ₹1,60,755 support level. It failed to sustain above the ₹1,69,600, triggering profit booking. Currently, prices are hovering near the 20 and 50 hourly moving averages, which are beginning to flatten, indicating a loss of near-term momentum. Unless Gold reclaims the ₹1,60,700–₹1,61,000 zone, the trend may remain sideways to bearish.

MCX Silver May futures traded in a narrow range as the metal continued to consolidate below the ₹2,76,042 resistance zone. After the sharp rally seen earlier this week, prices have struggled to reclaim this level, indicating resistance at higher levels. The price is currently hovering near its short-term moving averages, suggesting indecision among traders. Meanwhile, the ADX has cooled towards 24, reflecting weakening trend strength and the possibility of continued rangebound movement.

MCX Crude oil futures continued to trade firm after a decisive breakout above the earlier resistance zone near ₹7,200. Prices surged towards the ₹7,500 mark, indicating strong bullish momentum in the short term. The contract is now trading well above both the 20 and 50 hourly moving averages, which are trending higher and supporting the ongoing uptrend. However, after a sharp rally, traders should avoid fresh long opportunities as the risk-reward turns unfavourable. The trend may turn cautious if gold slips below hourly 50 moving average.

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