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  5. MCX Gold consolidates near all-time ahead of Fed policy meeting; check today's trade setup

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MCX Gold consolidates near all-time ahead of Fed policy meeting; check today's trade setup

Upstox
By Upstox News Desk

3 min read | Updated on January 29, 2025, 18:26 IST

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SUMMARY

The gold price on MCX futures formed a bullish candle on 28 January and is currently trading above its all-time high of ₹80,282. For short-term clues, traders can monitor the immediate support of ₹79,200. Unless gold slips below this level, the outlook may remain positive.

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Commodity trade setup Jan 29: Gold consolidates near all-time ahead of Fed policy meeting | Image: Shutterstock

Market recap (as of 6:15 pm)

  • Gold 5 Feb Futures: ₹80,471/ 10 gram (▲ 0.1%)
  • Silver 5 March Futures: ₹91,440/ 1 kg (▲ 0.4%)
  • Crude Oil 19 Feb Futures: ₹6,358/ 1 BBL (▲ 0.2%)
Gold: The yellow metal is trading slightly lower today, with April gold futures down 0.04% at $2,793 per ounce. Prices remain range-bound as investors await the US Federal Reserve’s policy decision.
Silver: Silver is trading flat, up 0.12% at $30.92 per ounce. Precious metals investors remain cautious ahead of the Fed’s two-day meeting conclusion, where interest rates are widely expected to remain unchanged. Additionally, renewed tariff concerns from U.S. President Donald Trump adds to market uncertainty.
Crude Oil: Oil prices declined on Wednesday, with Brent futures down 0.98% at $75.76 per barrel and WTI crude falling 0.95% to $73.08. The drop comes amid a rise in U.S. crude stockpiles, as reported by the American Petroleum Institute. Easing supply concerns, following Libya’s National Oil Corp’s resumption of exports at its main port, also weighed on prices.

Technical structure

Gold: After forming a bullish candlestick pattern on 28 January, the February futures of gold extended the winning momentum and is trading at its all-time high. The gold has been sustaining the bullish momentum since the breakout of triangle pattern on 15 January and is currently trading above all its key exponential moving averages like 21 and 50. Unless it slips below the immediate support of 79,200, the trend may remain bullish.
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Silver: After briefly slipping below the immediate support of ₹90,000 on 27 January, the March silver futures on MCX rebounded from the crucial support and slipped back into the consolidation zone. As highlighted and mentioned in our previous blogs, the silver is currently consolidating between ₹93,600 -₹90,600 and is facing resistance from its downward sloping trendline connecting its October swing high. A break of this range or above the trendline will provide traders further directional clues.
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Crude oil: The oil prices stabilised and snapped its eight day losing streak on 28 January and is currently trading closer to its immediate support of the 50-day exponential moving average (EMA). As highlighted on the chart below, the crude is currently trading within the range of 27 January and is forming inside candle on the daily chart.

However, the border structure of the crude remains weak and range-bound, traders can monitor the high and the low of 27 January along with 21 and 50 EMAs. A break of this range on closing basis will provide further clues.

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The open interest (OI) data for the 17 February expiry of Crude oil saw significant call OI build-up at 6,500 and 6,400 strikes. This indicates that the oil prices may take resistance around these levels. On the other hand, the put OI build-up was seen at 6,300 strike with relatively low volume, suggesting immediate support around this level.

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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.

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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