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  5. MCX Gold finds support at 50-EMA, Crude tumbles below ₹5,000

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MCX Gold finds support at 50-EMA, Crude tumbles below ₹5,000

Upstox
By Upstox News Desk

3 min read | Updated on April 09, 2025, 20:14 IST

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SUMMARY

MCX Gold has rebounded above its 21-day EMA and is now trading higher than the previous two sessions' highs. However, it faces a key trendline resistance formed by swing lows from January, February, and April 2025. Sustaining above the 21 EMA and breaking past this resistance could open room for further gains.

Gold prices rebounded above it 21-day exponential moving average (EMA) | Image: Shutterstock

Gold prices rebounded above it 21-day exponential moving average (EMA) | Image: Shutterstock

Market recap (as of 7:30 pm)

  • Gold 5 June Futures: ₹90,516 (▲ 3.2%)
  • Silver 5 May Futures: ₹90,800 (▲ 2.3%)
  • Crude Oil 21 April Futures: ₹4,946 (▼ 4.8%)
Gold: The yellow metal traded higher on Wednesday, with gold June Futures trading at $3,096 per ounce, up 3.5%. Gold prices jumped buoyed by safe-haven appeal, as U.S. tariffs came into effect leading to a combined 104% tariff on China. Meanwhile, silver prices also traded higher, up 3.4% at $30.3 per troy ounce in the futures market.
Crude Oil: International crude oil futures traded lower today, with Brent Futures trading around $59.88, down 4.7%, while WTI Crude traded 5% lower, around $56.6. Oil prices plunged as much as 7% intraday, hitting a fresh four-year lows after China announced additional tariffs on U.S. goods in retaliation against President Donald Trump’s tariff policy.

Technical structure

Gold: Prices of yellow metal rebounded above it 21-day exponential moving average (EMA) and is currently trading above the high of previous two sessions on MCX. However, it is important to note that it is testing the trendline resistance connecting previous swing lows of January, February and Arpil 2025. If gold sustains the crucial support zone of 21 EMA and recalims the resistance zone of trendline, then it can further extend the gains. On the flip side, traders can monitor the price action around the trendline and observe a negative candlestick pattern.
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Silver: Silver prices rebound for the third day in a row and is currently trading near the high of the previous three sessions. The broader trend of the silver turned negative after it slipped below the immediate support zone of 93,800 along with the downward trending channel. Unless the silver reclaims ₹93,800 zone on a closing basis, the trend may remains sideways to bearish.
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Crude oil: Oil prices slumped over 4% and extended the weakness to the fourth consecutive session. It slipped below the immediate support zone of ₹5,000 on MCX and is currently forming a doji candlestick pattern on the daily chart. The broader trend of the crude remains bearish as it is trading below the crucial 21-day and 50-day exponential moving averages. Additionally, unless the crude rebounds above the immediate resistance zone of ₹5,675, the trend may remain bearish.
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The open interest data for the 16 April expiry saw significant call options base at 6,000 and 5,300 strikes, indicating resistance for the crude around these zones. Meanwhile, the volume of the put options indicate lower activity, suggesting lower activity around the support levels.

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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.