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MCX Gold holds near all-time high, extends consolidation to 17th session; check today’s trade setup
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3 min read | Updated on March 10, 2025, 13:46 IST
SUMMARY
Gold prices extended their consolidation for the 17th consecutive session, hovering near the previous all-time high of ₹86,592. Over this period, prices have fluctuated within a broad range of ₹86,500 to ₹84,000, spanning approximately 2,500 points. A decisive breakout beyond this range on a closing basis could offer clearer directional insights.
Silver prices began Monday’s session on a positive note and continue to sustain upward momentum. | Image: Shutterstock
Market recap (as of 6:45 pm)
- Gold 4 April Futures: ₹85,829/ 10 gram (▼ 0.06%)
- Silver 5 May Futures: ₹97,396/ 1 kg (▲ 0.20%)
- Crude Oil 19 March Futures: ₹5,873/ 1 BBL (▲ 0.26%)
Technical structure
While the overall trend remains bullish, a decisive close above or below the high of the March 7 session could offer key short-term directional signals.
On the daily chart, crude oil is forming an inside candlestick pattern for the third straight session, signaling consolidation within the March 5 range. A breakout above or below this range could offer key short-term trading signals.
The open interest data for the March 17 expiry saw significant call base 5,900 and 6,000 strikes, indicating resistance for the crude around this zone. On the flip side, the put base was seen at 5,800 strikes with low volume.
Disclaimer:
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