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  5. MCX gold crosses ₹85,000 mark, Crude oil extends consolidation around ₹6,300; Here's all you need to know

Market News

MCX gold crosses ₹85,000 mark, Crude oil extends consolidation around ₹6,300; Here's all you need to know

Upstox
By Upstox News Desk

2 min read | Updated on February 10, 2025, 18:19 IST

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SUMMARY

The open interest build-up for MCX crude oil's 17 February expiry remained within a range-bound activity, with the highest accumulation of put and call positions around 6,300.

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Commodity trade setup 10 Feb: MCX gold crosses ₹85,000 mark, Crude oil extends consolidation around ₹6,300 | Image: Shutterstock

Market recap (as of 18:00 pm)

  • Gold 4 April Futures: ₹85,800/ 10 gram (▲1.0%)
  • Silver 5 March Futures: ₹95,769/ 1 kg (▲0.6%)
  • Crude Oil 19 Feb Futures: ₹6,297/ 100 BBL (▲1.0%)

Technical structure

Gold: The yellow metal further extend its bullish momentum and hit a fresh all-time high. The gold moved past the psychological level of ₹85,000 and is currently trading near the ₹86,000 mark. In the short-term, the immediate support for the gold is around ₹83,800 zone. Unless the gold slips below this zone, the trend may remains positive.
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Silver: The silver extended the range-bound movement for the fourth consecutive day and is currently consolidating between the range of ₹96,500 and ₹93,600. The broader structure of the silver remains bullish as it is sustaining its gains after breaking the immediate resistance of ₹93,600. Until silver slips below the ₹93,600 zone, the trend may remain bullish.
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Crude oil: Oil prices rebounded from the support zone of 50-day exponential moving average and jumped over 1%. However, its is important to note that the broader structure of the crude oil remains range-bound with immediate resistance around ₹6,500 zone. On the flip side, the support is placed around ₹6,100 zone. A break of this range on closing basis will provide further directional clues.
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The open interest data for the 17 February expiry broadly remained unchanged with the base around 6,300 strike. Sustaining its range-bound movement around the 6,300 strike, the crude oil has highest call and put open interest base around the 6,300 strike. Additionally, the call bases was also observed at 6,400 and 6,500 strikes, hiniting at resistance for crude 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.