MCX Gold rise amid US-Israel-Iran war escalation, MCX Crude oil surge on supply disruption fear

Market recap (as of 7:30 pm)

• Gold 2 April Futures: ₹1,45,525/ 10 gram (▲ 0.8%)
• Silver 5 May Futures: ₹2,30,498/ 1 kg (▲ 1.1%)
• Crude Oil 20 April Futures: ₹9,683/ 1 BBL (▲ 3.1%)

Technical view

MCX Gold traded mostly sideways with a slight positive bias, hovering around the ₹1,44,000–₹1,45,000 zone. The price action indicates a gradual recovery after a sharp decline, forming higher lows while facing resistance near ₹1,48,500. However, prices remain below the 50 EMA, suggesting that the broader trend continues to be under pressure. ADX remains low, implying a lack of strong directional momentum. A breakout above ₹1,48,500 is necessary for a sustained recovery, with immediate support near ₹1,42,500 and ₹1,40,000.

Silver witnessed a mild recovery today, bouncing from lower levels and attempting to stabilise above ₹2,28,000. However, the broader trend remains sideways to weak, with price still struggling below the ₹2,35,000 resistance zone. The price action indicates a range-bound structure with base building near ₹2,20,000–₹2,25,000, but lack of strong follow-through keeps conviction low. With ADX at subdued levels, trend strength remains weak, and only a sustained move above ₹2,35,000 can trigger momentum towards ₹2,40,000, while support holds near ₹2,20,000.

MCX Crude oil extended its sharp upmove today, rallying towards the ₹9,700 zone and decisively breaking above the recent consolidation range near ₹9,600. The structure now reflects a strong breakout after a base formation, with consecutive bullish candles and price sustaining above short-term moving averages. ADX near 48 signals a strengthening trend, indicating momentum firmly with buyers. As long as price holds above ₹9,250, bias remains buy-on-dips, with potential upside towards ₹10,000, while immediate support shifts to ₹9,300–₹9,250.

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