MCX Gold and Silver trade lower, Crude oil prices rebound amid uncertainty over US-Iran ceasefire

Market recap (as of 3:00 pm)

• Gold 5 June Futures: ₹1,51,905/ 10 gram (▼ 0.08%)
• Silver 5 May Futures: ₹2,37,002/ 1 kg (▼ 1.2%)
• Crude Oil 20 April Futures: ₹9,078/ 1 BBL (▲ 2.4%)

Technical outlook

MCX Gold traded with a positive bias today, inching higher towards ₹1,51,800–₹1,52,000 levels. The structure continues to show gradual recovery with higher lows, suggesting accumulation after the recent dip. However, the upside remains capped near the ₹1,52,700 resistance zone. A decisive breakout above this level can trigger fresh bullish momentum, while immediate support is placed near ₹1,50,000 followed by ₹1,48,000.

Silver witnessed a mild recovery today, gaining traction towards the ₹2,36,000–₹2,37,000 zone. The price action shows a range-bound recovery, with higher lows forming but still capped below the key resistance at ₹2,43,981. Moving averages are gradually flattening, indicating lack of strong trend. As long as silver sustains above ₹2,33,000, the near-term bias remains stable, while a breakout above ₹2,44,000 is required for a directional move.

MCX Crude oil rebounded after the sharp breakdown seen on 8 April. The price action indicates a weak pullback after a breakdown, with prices still trading below the key resistance of ₹10,177 and short-term moving averages. Despite some intraday recovery, the structure remains fragile as long as it holds below ₹9,400–₹9,500. A break below ₹9,000 can extend weakness towards ₹8,500, while only a move back above ₹9,500 can signal stabilisation.

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