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  5. MCX Gold and silver remains rangebound; crude extends consolidation around ₹5,900; check today’s trade setup

Market News

MCX Gold and silver remains rangebound; crude extends consolidation around ₹5,900; check today’s trade setup

Upstox
By Upstox News Desk

2 min read | Updated on March 24, 2025, 19:25 IST

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SUMMARY

MCX crude oil prices sustained its range-bound movement for the 13th session in a row, currently trading near the crucial resistance zone of 21 EMA. A break above or rejection from the 21-EMA on a closing basis will provide further directional clues.

Crude oil price sustained its upward momentum for the fourth day in a row. | Image: Shutterstock

Crude oil price sustained its upward momentum for the fourth day in a row. | Image: Shutterstock

Market recap (as of 6:45 pm)

  • Gold 4 April Futures: ₹87,641 (▼ 0.16%)
  • Silver 5 May Futures: ₹97,865 (▲ 0.13%)
  • Crude Oil 21 April Futures: ₹5,881 (▲ 0.32%)

Technical structure

Gold: The yellow metal traded in a narrow range after profit booking on Friday and is currently forming an inside candle on the daily chart. The short-term trend of the gold turned range-bound and is currently trading between ₹89,700 and ₹89,300 zone. A break of this range on a closing basis will provide further clues.
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Silver: MCX Silver price is also trading in a narrow range and is sustaining below the crucial support zone of 21-day exponential moving average (EMA). The broader trend of the silver still remains positive as it is currently trading within the upward trendline chart. Meanwhile, the short-term structure of the silver remains weak with immediate support between 50 and 200 EMA. Unless the silver breaks these levels and upward trendline channel, the broader trend may remain positive.
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Crude oil: Oil price sustained its upward momentum for the fourth day in a row and is currently trading around the immediate resistance zone of ₹5,934 and 21-day EMA. For short-term directional clues, traders can monitor the price action above 21-EMA. A close above or rejection from this zone will provide further directional clues. Meanwhile, the broader trend of the crude remains weak as the it is currently trading below the weekly 21 and 50 EMAs.
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The open interest data of the 16 April expiry saw significant call and put open interest base at 5,900 strike. This indicates that the crude prices may consolidate around this level in the near-term.

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Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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