MCX Gold trades over 3% higher at ₹1.59 lakh per 10 gram, Silver rises over 6%; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 02 April Futures: ₹1,59,030/ 10 gram (▲ 3.3%)
• Silver 5 March Futures: ₹2,84,333/ 1 kg (▲ 6.0%)
• Crude Oil 19 Feb Futures: ₹5,767/ 1 BBL (▲ 1.0%)

Technical view

MCX Gold April futures extended their rebound for the second consecutive day after aggressive profit-taking from the ₹1.80 lakh zone. Prices have bounced back from the ₹1.38–1.40 lakh zone, coinciding with the 50-day exponential moving average (EMA) support level. Provided gold remains above ₹1.38 lakh, the broader uptrend will remain intact, although the near-term price action suggests consolidation with elevated volatility.

MCX Silver March futures also rebounded from the crucial support zone of 50-day EMA and stabilised near ₹2.54 lakh support zone. After a steep pullback, silver is attempting to reclaim the immediate resistance zone of 21-day EMA. However, the major resistance is around ₹3.34 lakh zone. Unless silver reclaims this level, the structure may remain sideways.

MCX Crude Oil February futures have extended their recovery, holding firmly above the ₹5,440 breakout zone. Prices are trading above key short-term moving averages, which suggests improving momentum. However, the recent sharp move has also increased the risk of short-term consolidation. While crude remains above ₹5,440, the outlook is positive, with immediate resistance seen near ₹5,800–6,000.

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