MCX Gold trades around ₹1.57 lakh per 10 gram, Crude oil is down nearly 1%; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 2 April Futures: ₹1,57,151/ 10 gram (▲ 1.0%)
• Silver 5 March Futures: ₹2,56,135/ 1 kg (▲ 2.5%)
• Crude Oil 19 Feb Futures: ₹5,789/ 1 BBL (▼ 0.6%)

Technical view

After a strong recovery last week, MCX Gold futures traded in a narrow zone with a slight positive bias. The short-term trend of the gold remains range-bound with immediate resistance around ₹1.6 Lakh, while support is visible at ₹1.48 lakh zone. Meanwhile, the short-term moving averages on hourly chart turned flat, indicating sideways movement. Additionally, the trend indicator ADX slipped back to 28, indicating stabalising of the trend. The broader structure remains bullish, unless goll slips below the immediate support zone of 1.48 lakh.

MCX Silver futures also slipped in a range and is oscillating within the range of ₹2.9 Lakh and ₹2.2 Lakh. Similar to Gold, the short-term moving averages on the hourly chart have flattened, signalling a loss of momentum. Additionally, the ADX has eased to around 26, suggesting that the earlier trend strength is stabilising. Unless Silver breaks the crucial support zone of ₹2.25 lakh, the trend remains positive.

Following the sharp upmove earlier this week, MCX Crude oil futures also entered the consolidation phase on hourly chart. The price is consolidating between the range of ₹6,000 and ₹5,600, indicating lack of directional conviction on either side. Unless crude breaks this range with a strong candle on the hourly chart, the trend may remain non-direcional. A decisive break of this range will provide further directional clues.

Disclaimer:

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