MCX Gold fall over 6% as US Fed flag inflationary pressures from Iran war; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 2 April Futures: ₹1,43,844/ 10 gram (▼ 6.0%)
• Silver 5 May Futures: ₹2,18,411/ 1 kg (▼ 12%)
• Crude Oil 20 April Futures: ₹9,070/ 1 BBL (▲ 0.8%)

Technical view

MCX Gold extended its weakness today with a sharp sell-off, breaking below the crucial ₹1,54,900 support level and forming a fresh breakdown from a consolidation base. The price is trading below both key moving averages, which are sloping downward, reinforcing the bearish structure. ADX has risen sharply above 45, indicating a strong trending move on the downside. The breakdown suggests continuation of the downtrend, with lower levels likely to be tested unless prices recover back above ₹1,54,900–₹1,55,500, which now turns into resistance.

Silver saw a sharp decline today, breaking below the key support zone near ₹2,31,600 with a strong bearish candle, indicating breakdown from a range and descending chart pattern structure. The move comes with rising ADX, signalling strengthening downside momentum. Prices are trading well below both the 20 and 50 DMA, confirming a bearish trend. This breakdown opens the door for further weakness towards lower levels, unless the price quickly reclaims the ₹2,35,000–₹2,40,000 zone, which now acts as immediate resistance.

MCX Crude oil witnessed a mild uptick today, but price action continues to remain rangebound within a rising channel / flag structure. The contract is holding above the short-term support near ₹8,700–₹8,800 while facing resistance around ₹9,200–₹9,300. Prices are trading just above the 20 DMA and near the upper band of the channel, indicating gradual buying interest, but lack of momentum is visible as ADX remains subdued near 18. The structure suggests consolidation after a strong upmove, and a decisive breakout above ₹9,300 could trigger fresh upside, while a breakdown below ₹8,700 may lead to profit booking.

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