MCX Gold and Silver trades lower, Crude oil fall over 3%; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 2 April Futures: ₹1,59,082/ 10 gram (▼ 1.2%)
• Silver 5 May Futures: ₹2,67,067/ 1 kg (▼ 4.0%)
• Crude Oil 19 March Futures: ₹5,807/ 1 BBL (▼ 3.0%)

Technical view

MCX Gold prices declined over 1% and failed to sustain above the ₹1,61,000 and slipped below previous day’s low, indicating pullback from the crucial resistance zone. Additionally, it slipped below the hourly 20 and 50 moving averages, along with trend indicator ADX rising above 20. This indicates that the short-term setup remains weak with immediate resistance around ₹1,61,000. Unless, Gold reclaims this zone, the trend may remain sideways to bearish.

Silver prices fell by almost 4% and were unable to remain above the ₹2,69,000 level, retreating from the immediate resistance band. It fell below the 20 and 50-hour moving averages, signalling short-term weakness. Meanwhile, the ADX is hovering around 23, which indicates strengthening directional momentum on the downside. Unless silver decisively reclaims ₹269,000, the near-term bias may remain sideways to bearish.

MCX Crude oil prices failed to remain above the ₹6,120 resistance level and fell back towards the ₹5,950–₹5,980 support zone. It is currently trading around the hourly 20 and 50 moving averages, reflecting a lack of clear directional bias in the short term. Meanwhile, the ADX remains subdued at around 17, indicating weak trend strength and a potential consolidation phase. Unless crude oil breaks decisively above ₹6,120 or slips below ₹5,930, the short-term outlook is likely to remain range-bound.

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.