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  5. MCX gold stays range-bound for 11th session, Silver retests 50-EMA support; check today's trade setup

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MCX gold stays range-bound for 11th session, Silver retests 50-EMA support; check today's trade setup

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By Upstox News Desk

3 min read | Updated on February 27, 2025, 18:28 IST

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SUMMARY

MCX Gold futures have been range-bound between ₹86,360 and ₹85,665 for the past 11 trading sessions. Traders should closely monitor this range, as a breakout in either direction could signal the next short-term move.

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International crude oil futures traded in the green, with Brent Futures trading around $72.91, up 1.17%. | Image: Shutterstock

Market recap (as of 6:15 pm)

  • Gold 4 April Futures: ₹85,142/ 10 gram (▼ 0.8%)
  • Silver 5 March Futures: ₹94,359/ 1 kg (▼ 0.1%)
  • Crude Oil 19 March Futures: ₹6,060/ 1 BBL (▲ 1.0%)
Gold: The yellow metal traded lower on Thursday, with gold April Futures trading 0.97% lower at $2,901 per ounce. Gold prices fell from record highs to slip below the $2,900 level amid a rise in the US dollar index as investors remain concerned about US trade tariffs. Meanwhile, silver prices also traded lower, down 0.21% at $32.20 per troy ounce in the futures market.
Crude Oil: International crude oil futures traded in the green, with Brent Futures trading around $72.91, up 1.17%, while WTI Crude traded 1.19% higher around $69.43. Oil prices rebounded from yesterday’s low after US President Donald Trump revoked a licence granted to oil major Chevron to operate in Venezuela. This move could halt the export of over 200,000 barrels of Venezuelan crude oil per day, leading to tighter crude oil supplies.

Oil prices fell to a two-month low in the previous session after a surprise buildup in US fuel stockpiles, signalling a weak demand scenario. Crude oil investors are now looking forward to Ukrainian President Volodymyr Zelenskyy meeting with US President Donald Trump on Friday for more clues. The potential peace talks between Russia and Ukraine are expected to increase Russian oil exports, which could reduce oil supply concerns.

Technical structure

Gold: The price of the yellow metal remained range-bound for the 11th consecutive session, staying under pressure on February 27. Traders can closely monitor the ₹86,360 and ₹85,665 range. A breakout above or below these levels at closing could signal the next directional move.
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Silver: After breaking below the 21-day exponential moving average (EMA), silver prices slid toward the next key support at the 50-EMA, around ₹93,600, testing this critical level for the second consecutive day.

In the upcoming sessions, traders should closely monitor silver’s price action around the 50-EMA. A decisive break below this zone could drive prices toward the next support at ₹94,700, aligning with the 200-EMA. On the upside, immediate resistance is seen near the ₹96,500 level.

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Crude oil: Oil prices rebounded after briefly dipping below the psychologically crucial ₹6,000 mark and are now trading above the previous session’s high. However, the broader trend remains weak, as crude has slipped below the key support zone of ₹6,150. Unless it reclaims this level on a closing basis, the trend is likely to remain sideways to bearish.
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The open interest data for the 17 March expiry saw significant call build-up at 6,200 strike, indicating resistance for oil prices around this zone. Meanwhile, the put base with low volume was observed at 6,000 strike, hinting at psychological support for crude in this zone.

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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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