MCX Gold rises ahead of the US Fed decision; Brent Crude oil trades above $100 per barrel

Market recap (as of 7:00 pm)

• Gold 2 April Futures: ₹1,56,550/ 10 gram (▲ 0.5%)
• Silver 5 May Futures: ₹2,58,297/ 1 kg (▲ 0.6%)
• Crude Oil 19 March Futures: ₹8,754/ 1 BBL (▲ 0.3%)

Technical view

MCX Gold traded with a negative bias today as prices slipped below the ₹1,60,800 support zone. The failure to hold above the earlier consolidation band indicates continued weakness, with both the 20 and 50 hourly moving averages trending lower. The subdued ADX reading suggests that while the trend is weak, the bias remains tilted on the downside unless the yellow metal reclaims ₹1,60,000.

Silver remained under pressure as prices hovered near ₹2,65,000 and continued to trade below the key ₹2,76,600 resistance zone. The inability to sustain higher levels reflects persistent selling interest, while the broader range between ₹2,57,800 and ₹2,76,600 remains intact. A low ADX reading indicates lack of strong trend momentum, keeping the metal in a sideways-to-negative phase.

MCX Crude oil traded relatively stable today after the recent sharp correction, with prices holding above the crucial ₹7,215 support zone and consolidating near the ₹8,000 mark. The contract is consolidating between ₹10,500 and ₹7,000, while the moving averages are flattening, indicating a pause in momentum. A break of this range on a closing basis will provide further directional clues.

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.