MCX crude slips below crucial support of ₹6,100, Gold consolidates near all-time high; check today's trade setup

Market recap (as of 6:29 pm)

• Gold 4 April Futures: ₹85,737/ 10 gram (▲ 0.30%)
• Silver 5 March Futures: ₹95,143/ 1 kg (▼ 0.38%)
• Crude Oil 19 Feb Futures: ₹6,135/ 1 BBL (▼ 1.46%)

Meanwhile, potential peace talks between Russia and Ukraine, initiated by the U.S. President Donald Trump, also put downward pressure on oil prices. Russia is one of the largest oil producers and sanctions imposed on its crude exports following its invasion of Ukraine almost three years ago have supported higher prices on global markets.

Technical structure

Meanwhile, the reversal pattern will get invalidated if Silver closes below the low of the bullish reversal pattern formed on February 11th.

The open interest (OI) data for the 17 February expiry saw significant call OI build-up at 6,200 and 6,300 strikes. The significant build-up indicates that the crude prices may face resistance around these zones. Meanwhile, the put base was visible at 6,100 strike with relatively low volume.

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