MCX Gold and Silver trades higher as US-Iran de-escalation talks progress

Market recap (as of 4:15 pm)

• Gold 2 April Futures: ₹1,41,900/ 10 gram (▲ 1.7%)
• Silver 5 May Futures: ₹2,23,781/ 1 kg (▲ 1.7%)
• Crude Oil 20 April Futures: ₹9,180/ 1 BBL (▲ 2.0%)

Technical view

MCX Gold continued to consolidate within a narrow range, forming a symmetrical triangle pattern after the recent sharp decline. Prices are holding near ₹1,42,000–₹1,44,000, with lower highs and slightly higher lows indicating compression in volatility. The ADX near 16 signals a non-trending phase, suggesting a breakout is likely ahead. A move above ₹1,48,500 can trigger a short-covering rally, while a breakdown below ₹1,40,000 may resume the broader bearish trend.

Silver traded rangebound with a slight negative bias, facing resistance near the ₹2,35,000 zone and failing to sustain intraday strength. The broader structure remains weak as prices continue to trade below key moving averages, suggesting the move is still a pullback within a downtrend. With ADX remaining subdued, the market lacks strong directional conviction, and unless silver decisively breaks above ₹2,35,000, downside risk towards ₹2,00,000 persists.

MCX Crude oil extended its recovery today, reclaiming the ₹9,000 zone and closing above short-term moving averages after a sharp sell-off earlier this week. The price action reflects a higher low formation with steady buying interest emerging near ₹8,200–₹8,500, while ADX inching higher indicates improving trend strength. Momentum is gradually turning positive, and a sustained move above ₹9,200 can open the door for a retest of ₹9,600, while immediate support now shifts higher towards ₹8,600.

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