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  5. MCX Gold surges past ₹86,500 after 19 days of consolidation; check today’s trade setup

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MCX Gold surges past ₹86,500 after 19 days of consolidation; check today’s trade setup

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By Upstox News Desk

3 min read | Updated on March 13, 2025, 12:45 IST

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SUMMARY

MCX Gold broke its 19-day consolidation within a 2.5% range, reclaiming the ₹86,300-₹86,500 resistance zone on a daily closing basis. This zone aligns with the high of the shooting star candlestick pattern from the week ending February 14. A breakout above this level on a closing basis on the weekly chart could strengthen the bullish momentum.

MCX Silver is trading flat after breaking above the ₹98,300 resistance level. | Image: Shutterstock

MCX Silver is trading flat after breaking above the ₹98,300 resistance level. | Image: Shutterstock

Market recap (as of 6:00 pm)

  • Gold 4 April Futures: ₹86,788/ 10 gram (▲ 0.12%)
  • Silver 5 May Futures: ₹99,100/ 1 kg (▼ 0.38%)
  • Crude Oil 19 March Futures: ₹5,869/ 1 BBL (▼ 0.64%)
Gold: The yellow metal traded marginally higher on Thursday, with gold April Futures trading at $2,952 per ounce, up 0.20%. Gold prices rose as the lower-than-expected US inflation rate supported the case for an interest rate cut, while President Donald Trump’s fresh tariff threats kept demand for safe-haven assets higher. Meanwhile, silver prices traded lower, down 0.40% at $33.60 per troy ounce in the futures market.
Crude Oil: International crude oil futures traded lower today, with Brent Futures trading around $70.65, down 0.44%, while WTI Crude traded 0.46% lower around $67.36. Oil prices trade lower after surging over 2% in the previous session after US government data showed tighter-than-expected oil and fuel inventories.

Technical structure

Gold: Gold broke out of its 19-day consolidation and closed above the key resistance zone of ₹86,300-₹86,500. It had been trading in a 2.5% range for almost a month. Now it is above the previous session's high, the trend appears bullish. However, a dip below ₹86,500 and inside the consolidation range could signal sideways movement.
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Silver: After breaking above the ₹98,300 resistance and forming an inverse head-and-shoulders pattern, silver is trading flat and consolidating within the previous session's range. The price action remains bullish in both the short and long term, with immediate support at ₹98,300. A close below this level would invalidate the breakout and signal a potential trend reversal.
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Crude oil: Oil prices on MCX extended the consolidation for the sixth consecutive day and is consolidating within the March 5th range. It started the Thursday’s session on a negative note and is oscillating between the immediate resistance of ₹5,946 and the support zone of ₹5,761. A break of this range will provide further directional clues.
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The open interest (OI) data of the March 17 expiry saw significant call OI base at 5,900 strike, hinting at resistance for the crude around this zone. On the flip side, the put OI base was observed at 5,800 strike, indicating support around 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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