MCX Gold trades at ₹1.63 lakh per 10 gram, Crude oil holds above ₹7,100 after breakout; check today’s trade setup

Market recap (as of 2:15 pm)

• Gold 2 April Futures: ₹1,63,505/ 10 gram (▲ 1.4%)
• Silver 5 May Futures: ₹2,73,100/ 1 kg (▲ 2.9%)
• Crude Oil 19 March Futures: ₹7,122/ 1 BBL (▲ 2.1%)

Technical view

MCX Gold prices traded within a narrow range today following the earlier breakout above the ₹1,60,755 resistance level. The metal is currently consolidating above this level, suggesting that the previous resistance level is now providing support. Prices are close to the 20-hour and 50-hour moving averages, suggesting a short-term pause in momentum. The ADX remains elevated at around 37, suggesting that the broader trend is still strong despite the consolidation. As long as gold remains above ₹1,60,700, the bullish structure will remain intact.

MCX Silver saw a pullback today following the sharp rally witnessed earlier, slipping back below the breakout zone of ₹2,76,042. The metal briefly attempted to hold above this level, but selling pressure at higher levels pushed prices downwards, bringing them back towards the short-term moving averages. The 20-hour and 50-hour moving averages are now acting as immediate resistance, indicating a loss of near-term momentum. However, the ADX, which is currently at around 36, still reflects an underlying trend strength. A decisive move back above ₹276,000 could revive bullish momentum. Conversely, failure to reclaim this level could result in prices consolidating within the ₹265,000–₹276,000 range.

MCX Crude oil prices were trading slightly positively today following the sharp breakout seen earlier this week. It is consolidating near the ₹7,000 level, having tested resistance around ₹7,215. Prices remain well above the previous breakout zone of ₹6,122, which is now acting as a support zne. The 20-hour and 50-hour moving averages continue to trend higher, reflecting sustained bullish momentum. An ADX of around 39 indicates strengthening trend conditions. Provided crude remains above ₹6,900, the uptrend will remain intact.

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