MCX Gold and Silver see profit booking, Crude trades range-bound; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 4 April Futures: ₹88,528/ 10 gram (▼ 0.08%)
• Silver 5 May Futures: ₹99,005/ 1 kg (▼ 0.92%)
• Crude Oil 21 April Futures: ₹5,805/ 1 BBL (▼ 0.29%)

Technical structure

The broader trend remains bullish as long as silver holds above the 50-day EMA and the trendline support connecting the December and February lows. A decisive close below these levels could signal weakness. However, bullish momentum will resume if silver reclaims the immediate resistance at ₹1,01,980 on a closing basis.

The open interest (OI) data for the April 16 expiry saw significant call and put OI build-up at 5,800 strike, indicating consolidation for the crude around these levels. Additionally, substantial call base was also visible at 5,900 strike, suggesting resistance for crude around these levels.

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