MCX crude oil trades over 11% higher amid Middle East crisis, Gold and Silver remain lower; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 2 April Futures: ₹1,60,365/ 10 gram (▼ 0.7%)
• Silver 5 May Futures: ₹2,65,000/ 1 kg (▼ 1.2%)
• Crude Oil 19 March Futures: ₹9,346/ 1 BBL (▲ 11.7%)

Technical view

MCX Gold April futures continued to consolidate near the ₹1,60,000 zone, forming a tightening triangular structure following the sharp decline from the ₹1,69,600 peak. Prices are facing resistance near the descending trendline, while the 20-hour and 50-hour moving averages are flattening out, indicating a pause in momentum. For directional clues, traders can monitor the chart pattern. A breakout or a breakdown of this range will provide further directional clues.

MCX Silver May futures remained range-bound, with prices hovering near ₹2,65,000. However, they struggled to reclaim the ₹2,76,600 resistance zone. This reflects a persistent resistance at higher levels and weak bullish trend strength, as indicated by the subdued ADX reading. Short-term traders can monitor the support zone of ₹2,57,700. A break below this level will provide further directional insights.

MCX Crude oil futures witnessed mild profit booking after the sharp rally seen in recent sessions, with prices easing from the highs near ₹10,549 but continuing to hold well above earlier breakout zones. The short-term trend remains bullish. Going ahead, traders may watch the pullback towards 20-hour and 50-hour simple moving averages. Unless Crude oil breaks this support zone, trend may sustain bullish momentum.

Disclaimer:

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