MCX Crude oil surge over 2% amid supply disruption concerns; MCX Gold down over 2%

Market recap (as of 6:30 pm)

• Gold 2 April Futures: ₹1,52,850/ 10 gram (▼ 2.0%)
• Silver 5 May Futures: ₹2,49,079/ 1 kg (▼ 1.5%)
• Crude Oil 19 March Futures: ₹9,053/ 1 BBL (▲ 2.0%)

Technical view

MCX Gold traded with a slight positive bias today but continues to remain in a broader downtrend with a base formation near support. Prices are holding above the ₹1,54,900–₹1,55,000 support zone, indicating buying interest at lower levels after the recent decline. However, the metal continues to trade below the 20 and 50 moving averages, which are sloping downward, suggesting that rallies may face selling pressure. The structure currently resembles a pullback within a downtrend, and ADX near 26 indicates moderate trend strength. A move above ₹1,59,000 is required to signal reversal, while a break below ₹1,54,900 could trigger further downside.

Silver remained weak and rangebound today as prices continued to trade near the lower end of the broader range. The chart structure shows a descending channel and a lower high formation, with prices consistently facing resistance near ₹2,76,000 while holding support around ₹2,57,800. The metal is trading below both the 20 and 50 moving averages, reflecting a short-term bearish bias. ADX around 30 suggests some trend presence, but not strong enough for a breakout yet. A move above ₹2,76,000 is required to reverse the structure, while a breakdown below ₹2,57,800 could extend the decline.

MCX Crude oil traded with a sideways bias today as prices continued to consolidate near the ₹8,700–₹9,000 zone after the sharp rally and subsequent correction. On the charts, the contract is forming a tight horizontal base just above the rising support trendline, indicating absorption of selling pressure. Prices are hovering near the 20 and 50 moving averages, which are flattening, while ADX has cooled to 15, signalling a pause in trend strength. As long as crude holds above ₹8,600–₹8,700, the structure remains constructive, and a breakout above ₹9,000 could trigger the next leg higher, while a break below ₹8,600 may lead to deeper consolidation towards ₹7,800.

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