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  5. MCX Gold below 21-EMA; Crude oil extends fall, nears ₹5,000 mark; check today’s trade setup

Market News

MCX Gold below 21-EMA; Crude oil extends fall, nears ₹5,000 mark; check today’s trade setup

Upstox
By Upstox News Desk

3 min read | Updated on April 07, 2025, 17:43 IST

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SUMMARY

Gold prices stabilise near ₹87,300 support. The short-term structure of the gold turned rangebound between ₹91,400 and ₹87,300. For further direcitional clues, traders can monitor this range. Oil price extended its fall for the third consecutive session and slipped towards the psychologically crucial ₹5,000 zone during intraday.

Silver prices rebounded after a sharp fall of over 13% last week | Image: Shutterstock

Silver prices rebounded after a sharp fall of over 13% last week | Image: Shutterstock

Market recap (as of 5:30 pm)

  • Gold 5 June Futures: ₹88,250 (▲ 0.20%)
  • Silver 5 May Futures: ₹88,696 (▲ 1.7%)
  • Crude Oil 21 April Futures: ₹5,195 (▼ 2.1%)
Gold: The yellow metal traded higher on Monday, with gold April Futures trading at $3,057 per ounce, up 0.74%. Safe-haven assets including gold and silver rose today after rise in demand as investors turned cautious after fall in global stock markets.
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Crude Oil: International crude oil futures traded lower today, with Brent Futures trading around $64.08, down 2.2%, while WTI Crude traded 2.4% lower, around $60.4. Oil prices extended fall to trade near four year low amid concerns over slowing economic growth after US trade tariffs and weakening demand.

Technical structure

Gold: After a sharp fall of two sessions and surrendering its 21-day exponential moving average, gold prices stabalised. It is currently trading on a flat note and is forming a doji candlestick pattern tad above its crucial support zone of ₹87,300. The short-term structure of the gold turned range-bound between ₹91,400 and ₹87,300. For further direcitional clues, traders can monitor this range as a break of this range with a strong candle and on a closing basis will provide further directional insights.
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Silver: Silver prices rebounded after a sharp fall of over 13% last week and is currently forming an inside candle on the daily chart of MCX’s 5 May contract. The technical structure of Silver turned weak as it surrendered all its key daily exponential moving averages like 21, 50 and 200 on a closing basis. Unless Silver reclaims the immediate resistance of 93,850 on MCX, the trend may remain sideways to bearish.
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Crude oil: Oil price extended its fall for the third consecutive session and slipped towards the psychologically crucial ₹5,000 zone during intraday. It has declined over 17% in last five trading sessions, indicating broader market weakness. For the upcoming sessions, the immediate resistance for the crude oil will be around ₹5,675. Unless crude recalims this zone, the trend may remain bearish.
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The open interest data for the 16 April expiry saw significant call open interest build-up at 6,000 and 6,100 strikes. This indicates that the options market is anticipating that crude may face resistance around these zones.

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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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