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  5. MCX Gold sustains bullish momentum, while crude prices sustains below 50 EMA; check today's trade setup

Market News

MCX Gold sustains bullish momentum, while crude prices sustains below 50 EMA; check today's trade setup

Upstox
By Upstox News Desk

3 min read | Updated on February 24, 2025, 18:24 IST

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SUMMARY

Gold prices moved higher, extending its consolidation for the eighth consecutive day between the ₹86,360 and ₹84,537 levels. For short-term clues, traders can monitor this range as a close above or below it will provide further directional clues.

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Gold prices moved higher and extended the consolidation for the 8th consecutive day between ₹86,360 and ₹84,537. | Image: Shutterstock

Market recap (as of 6:15 pm)

  • Gold 4 April Futures: ₹86,301/ 10 gram (▲ 0.34%)
  • Silver 5 March Futures: ₹95,825/ 1 kg (▼ 0.39%)
  • Crude Oil 19 March Futures: ₹6,119/ 1 BBL (▼ 0.47%)
Gold: The yellow metal traded lower on Monday, with April Gold Futures trading 0.15% lower at $2,956 an ounce. Gold prices are trading in a range, close to recent highs, as concerns over a slowdown in the U.S. economy fuelled demand for the precious metal, especially after last week's weak PMI and consumer sentiment readings. Meanwhile, silver was also trading lower, down 0.55% at $32.83 per troy ounce in the futures market.
Crude Oil: International crude oil futures traded marginally higher, with Brent futures trading at $74.11, up 0.08%, while WTI crude oil traded 0.06% higher at $70.46. Oil prices are trading flat as investors await further clarity on Russia-Ukraine peace talks, while the resumption of crude oil exports from northern Iraq weighed on oil prices.

Technical structure

Gold: The yellow metal moved higher and extended the consolidation for the eight consecutive day between the range of ₹86,360 and ₹84,537. For short-term clues, traders can monitor this range as a close above or below this range will provide further directional clues.
Image_1.webp
Silver: Silver prices slipped back into the range of ₹96,500 and ₹93,600 as it failed to sustain the breakout above the crucial resistance zone of ₹96,500. For the upcoming sessions, Silver now has immediate support around the 21-day exponential moving average (EMA). However, the broader trend remains range-bound.
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Crude oil: Oil prices rebounded towards the immediate resistance zone of ₹6,100 and is currently trading below the crucial 21-day and 50-day EMAs. The broader structure fo the crude remains weak with immediate resistance around the ₹6,300 zone.
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The open interest (OI) data for the 17 March expiry saw significant call OI at 6,300 and 6,200 strikes, indicating resistance for the crude around these levels.

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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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