MCX Gold trades above ₹1.6 lakh per 10 gram, Silver rise over 5%; check today’s trade setup

Market recap (as of 7:30 pm)

• Gold 5 April Futures: ₹1,60,779/ 10 gram (▲ 2.4%)
• Silver 5 March Futures: ₹2,67,396/ 1 kg (▲ 5.7%)
• Crude Oil 19 March Futures: ₹6,126/ 1 BBL (▲ 0.9%)

Technical view

On the hourly chart, MCX Gold April futures are consolidating below the key resistance zone of ₹1,60,750. The price is holding above the 20 and 50 hourly exponential moving average (EMAs), with a bullish crossover in place. This indicates that the short-term trend is supported by improving momentum. The RSI is at 68.5, close to overbought territory, indicating the potential for brief consolidation near the resistance level. An ADX of around 28 signals a strengthening trend. In the short-term, if the price breaks above ₹1,60,750, it may gain momentum. However, if it fails to clear this level, it may fall back to the ₹1,56,000 support zone.

MCX Silver March futures are trading above ₹2,62,500, steadily recovering from the ₹2,25,500 support base. The price is holding above the 20- and 50-hourly EMAs, indicating short-term bullish momentum. However, it is important to note that the broader structure still remains rangebound. The RSI of 71 signals slightly overbought conditions, while the ADX reading of 48 reflects a strong trend. This indicates that a minor pullback towards the ₹2,50,000–₹2,52,000 zone cannot be ruled out prior to any attempt to reach higher levels. Immediate resistance is seen around ₹291,390.

MCX Crude Oil March futures are trading around ₹5,998, consolidating just below the declining trendline resistance near the ₹6,050–₹6,100 zone. The price has moved above the 20- and 50-hourly EMAs after rebounding sharply from the ₹5,650–₹5,700 support area. This indicates a short-term recovery, but the broader structure still shows lower highs. The RSI is near 49, reflecting neutral momentum, while the ADX is at 15, signalling a weak trend environment and suggesting range-bound trading. A sustained breakout above ₹6,100 could trigger a fresh momentum, whereas a failure to hold above ₹5,900 could lead to renewed selling pressure.

Disclaimer:

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