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  5. MCX gold hits fresh record high, silver rebound to trade above ₹97,000; check today's trade setup

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MCX gold hits fresh record high, silver rebound to trade above ₹97,000; check today's trade setup

Upstox
By Upstox News Desk

3 min read | Updated on February 19, 2025, 18:23 IST

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SUMMARY

MCX Gold prices hit a fresh record high on February 19th and moved past the bearish engulfing candle formed on February 14th. For directional clues, traders can monitor the high (86,358) of the bearish reversal pattern. A close above this zone will invalidate the reversal pattern and will signal the continuation of the bullish momentum.

mcx exchange.webp

International crude oil futures advanced on Wednesday, with Brent futures rising 0.53% to $76.24 per barrel | Image: Shutterstock

Market recap (as of 6:00 pm)

  • Gold 4 April Futures: ₹86,330/ 10 gram (▲ 0.25%)
  • Silver 5 March Futures: ₹97,150/ 1 kg (▲ 0.31%)
  • Crude Oil 19 March Futures: ₹6,305/ 1 BBL (▲ 0.91%)
Gold: The yellow metal edged higher on Wednesday, with April gold futures rising 0.45% to $2,961 per ounce. Prices remained firm, hovering near record highs amid fears of increased tariffs and escalating trade tensions. On Tuesday, U.S. President Donald Trump threatened to impose a 25% tariff on key imports, including automobiles, pharmaceuticals, and semiconductors. These tariffs could take effect as early as April 2025. Meanwhile, silver also gained, with futures climbing 0.72% to $33.61 per troy ounce.
Crude Oil: International crude oil futures advanced on Wednesday, with Brent futures rising 0.53% to $76.24 per barrel and WTI crude up 0.58% at $72.25. Oil prices strengthened following concerns over supply disruptions after a Ukrainian drone attack targeted Russian oil infrastructure, reducing output. Additionally, cold weather in the U.S. is expected to lower production by 1,50,000 barrels per day, according to the North Dakota Pipeline Authority.

Market experts note that traders and investors are closely watching developments on oil export sanctions as the U.S. works to broker a deal to end the war in Ukraine.

Technical structure

Gold: The yellow metal moved past the high of the bearish engulfing pattern formed on February 14th and hit a fresh all-time high. Traders can monitor the price action of the MCX gold on a closing basis. A close above the high (86,358) of the reversal pattern on the February 14th, will signal continuation of the bullish momentum. However, rejection from this zone will signal consolidation between 86,300 and 84,600.
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Silver: Silver resumed its bullish momentum on the 18th and regained the 96,500 resistance zone in today's trading. The broader structure of silver remains bullish as it trades above the 21, 50 and 200-day exponential moving averages. In the coming sessions, traders can watch for a close above the 96,500 resistance zone. A close above this zone will signal further upside momentum, while a rejection of this zone will push the index within the consolidation zone of 96,500 and 93,600.
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Crude oil: Oil prices rebounded above the immediate resistance zone of the 21-day EMA on the MCX futures, suggesting the emergence of fresh buyers from the 6,100 support zone. However, the broader structure of crude oil remains range-bound between the 6,400 and 6,100 zones. Traders can monitor this range for directional clues. A close above or below this consolidation zone will provide further directional clues.
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Meanwhile, the open interest build-up for the 17 March expiry saw significant put options build-up at 6,200 and 6,300 strikes, indicating support for the crude around these levels. Meanwhile, the call options base was seen at 6,300 and 6,400 strike with relatively low volume.

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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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