Market News
MCX Gold takes a breather around ₹79,500, Crude oil extends consolidation around ₹6,500; check today's trade setup
.png)
2 min read | Updated on January 23, 2025, 20:15 IST
SUMMARY
Gold prices took a breather around ₹79,500 after breaking out of the immediate resistance zone of ₹79,200, suggesting consolidation at higher levels. Unless the gold slips below this support zone of ₹79,200 on closing basis, the trend may remain sideways to bullish.
Silver prices remained under the consolidation and is currently trading near the crucial support zone of 21-day and 50-day EMAs.
Market recap (as of 17:35 pm)
- Gold 5 Feb Futures: ₹79,429/ 10 gram (▼ 0.17%)
- Silver 5 March Futures: ₹90,618/ 1 kg (▼ 1.44%)
- Crude Oil 19 Feb Futures: ₹6,565/ 1 BBL (▼ 0.06%)
Technical structure
In near-term, traders can monitor the high and low of the doji candlestick pattern formed on 22 January. A close above or below the indecision candle will provide further clues.
The open interest data for the 17 February highlights significant put base at 6,500 strike, indicating support for the crude around this zone. On the other hand, the call base was seen at 7,000 strike, suggesting resistance around this level.
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.
About The Author
Next Story
