MCX Gold rebound to trade over 4% higher, Crude oil falls to ₹8,375/barrel; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 2 April Futures: ₹1,44,260/ 10 gram (▲ 3.8%)
• Silver 5 May Futures: ₹2,35,434/ 1 kg (▲ 5.1%)
• Crude Oil 20 April Futures: ₹8,375/ 1 BBL (▼ 4.1%)

Technical view

MCX Gold saw a modest intraday recovery, but remained under pressure and continued to trade below the ₹1,48,500 resistance zone following a sharp breakdown in the previous session. The structure changed to rangebound after a strong start and prices are consolidating around key moving averages. The upmove lacks strength as the ADX is around 20, indicating weak trend momentum. Unless gold can hold above ₹1,48,500, the bias will remain rangebound with support seen near ₹1,30,000.

Silver staged a mild recovery today following recent selling pressure, bouncing back from the ₹2,00,000 support zone and moving towards ₹235,000. However, the trend will regain strength if the prices reclaim ₹2,35,000 resistance zone. Meanwhile, the ADX is close to 19, indicating a lack of a strong trend. Immediate resistance stands at ₹2,35,000, and failing to trade above this level could result in renewed downward pressure.

MCX Crude oil saw a sharp decline today, slipping below the rising trendline and short-term moving averages after being rejected from the ₹9,600 zone. The price is now hovering near the ₹8,250 support level, suggesting a loss of bullish momentum following the recent rally. The structure has shifted towards a lower high formation and, with ADX cooling near 20, the trend is weakening. A decisive break below ₹8,200 could trigger a further decline towards ₹7,800, while any upward movement is likely to encounter resistance near ₹8,800–₹9,000.

Disclaimer:

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