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  5. MCX Gold remains sideway around ₹86,000, silver sustain bullish momentum; check today’s trade setup

Market News

MCX Gold remains sideway around ₹86,000, silver sustain bullish momentum; check today’s trade setup

Upstox
By Upstox News Desk

3 min read | Updated on March 06, 2025, 18:00 IST

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SUMMARY

MCX silver moved past its 21-day exponential moving average (EMA) on 5 March and is currently trading flat. The short-term structure of the silver remains bullish with immediate support around the ₹96,500 zone, which coincides with its 21-day EMA.

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Gold sustained its range-bound movement after forming the doji candlestick pattern on the daily chart on 5 March. | Image: Shutterstock

Market recap (as of 5:50 pm)

  • Gold 4 April Futures: ₹85,681/ 10 gram (▼ 0.18%)
  • Silver 5 May Futures: ₹97,660/ 1 kg (▲ 0.12%)
  • Crude Oil 19 March Futures: ₹5,826/ 1 BBL (▲ 1.22%)
Gold: The yellow metal traded lower on Thursday, with gold April Futures trading 0.41% lower at $2,913 per ounce. Gold prices advanced earlier in the day after as the US dollar fell to a four-month low amid signs that President Donald Trump is open to negotiating steep trade tariffs imposed recently. Meanwhile, silver prices also traded lower, down 0.31% at $33.02 per troy ounce in the futures market.
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Crude Oil: International crude oil futures traded marginally higher today, with Brent Futures trading around $69.44, up 0.20%, while WTI Crude traded 0.23% higher, around $66.47. Oil prices recovered from yesterday’s fall, though Brent Crude oil continues to trade below $70 per barrel. Trade war concerns, OPEC+'s planned output hike from April 2025, and a larger-than-expected buildup in US crude inventories have put oil prices under pressure.

Technical structure

Gold: The price of yellow metal sustained its range-bound movement after forming the doji candlestick pattern on the daily chart on 5 March. Gold is broadly consolidating between the range of ₹86,360 and ₹84,000. Unless the gold breaks this range on closing basis, the trend may remain sideways.
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Silver: Silver prices on the MCX started the Thursday’s session on a flat note and is currently trading above all its key exponential moving averages (EMAs) like 21,50 and 100. The short-term structure of silver remains bullish with immediate support around 21-EMA (₹96,516). Unless silver slips below the 21-EMA, the trend may remains bullish.
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Crude oil: Oil prices snapped its four-day losing streak and is currently forming an inside candle on the daily chart of MCX. However, the broader trend of the crude remains weak with immediate resistance around ₹6,150. The bullish momentum will only resume if the crude rebounds above ₹6,150.
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The open interest (OI) data for 17 March expiry saw significant call OI base at 6,000 strike, indicating resistance for the crude around this zone. Additionally, significant call and put base was also seen at 5,800 strike suggesting consolidation around this level.

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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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