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  5. MCX Gold hits new all-time high ahead of US Fed meeting, MCX Crude stays range-bound

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MCX Gold hits new all-time high ahead of US Fed meeting, MCX Crude stays range-bound

Upstox
By Upstox News Desk

3 min read | Updated on March 19, 2025, 13:49 IST

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SUMMARY

Gold prices reached a new record high for the second straight day, driven by concerns over U.S. tariffs, boosting demand as a safe-haven asset. Meanwhile, crude oil remained range-bound for the tenth consecutive session, trading within the March 5 range on MCX

MCX Silver remains range-bound for the second straight day | Image: Shutterstock

MCX Silver remains range-bound for the second straight day | Image: Shutterstock

Market recap (as of 7:00 pm)

  • Gold 4 April Futures: ₹88,450/ 10 gram (▼ 0.31%)
  • Silver 5 May Futures: ₹99,914/ 1 kg (▼ 1.34%)
  • Crude Oil 21 April Futures: ₹5,775/ 1 BBL (▼ 0.57%)
Gold: Gold edged higher on Wednesday, with April futures at $3,045 per ounce, up 0.14%, but retreated from record highs on profit booking. Investors remained cautious ahead of the U.S. Federal Reserve’s policy decision, expecting rates to stay unchanged while focusing on the Fed’s "dot plot" projections for interest rate direction. Meanwhile, silver futures fell 0.66% to $34.58 per troy ounce.
Crude Oil: International crude oil futures traded slightly lower, with Brent futures down 0.18% at $70.43 and WTI crude slipping 0.16% to $66.64. Oil prices remained under pressure amid progress in ceasefire talks between Russia and Ukraine. Experts suggest a potential ceasefire could ease sanctions on Russian crude, increasing supply of the crude in the global market.

Technical structure

Gold: Gold is consolidating near its all-time high after last week’s breakout. As traders await the U.S. Federal Reserve’s policy decision, prices remain in a tight range.

In the coming sessions, traders can monitor how gold reacts to the previous session’s high. A close above it would signal continued bullish momentum, while key support sits near the 21-day exponential moving average.

19marchImage1.webp
Silver: Silver remains range-bound for the second straight day. After breaking out of an inverse head and shoulders pattern on March 12, prices jumped over 2% and are now consolidating between ₹1,01,999 and ₹99,700. While the long-term outlook remains bullish, short-term traders should watch for a breakout from this consolidation zone.
19marchImage2.webp
Crude oil: Oil prices remained range-bound for the tenth straight day, trading between ₹5,934 and ₹5,675. The broader trend remains weak, with crude still below the key 21-day and 50-day exponential moving averages (EMAs). For short-term signals, traders should watch for a breakout from this range, which could provide further direction.
19marchImage3.webp

The open interest (OI) data for the April 16 expiry saw significant call OI base at 5,900 and 5,800 strikes, indicating resistance for the crude around these levels. On the other hand, the put base was observed at 5,800 and 5,700 strikes with lower volume.

19marchImage4.webp

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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