MCX Gold trades over 1% lower at ₹1.52 lakh per 10 gram, Silver drops 3%; check today’s trade setup

Market recap (as of 3:15 pm)

• Gold 2 April Futures: ₹1,52,598/ 10 gram (▼ 1.4%)
• Silver 5 March Futures: ₹2,32,011/ 1 kg (▼ 3.2%)
• Crude Oil 19 Feb Futures: ₹5,733/ 1 BBL (▼ 1.0%)

Technical view

MCX Gold prices have been consolidating within the range of ₹1.61 lakh and ₹1.48 lakh per 10 gram from nine trading sessions. The price is oscillating within this range, provide no directional clues in the shor-term. Meanwhile, the price is trading below short-term moving averages with trend indicator reflecting reading of 36. This signals short-term weakness and a break below ₹1.48 lakh signal will provide further clues.

MCX Silver prices have also remained relatively stable over the past eight trading sessions, within the range of ₹2.91 lakh and ₹2.25 lakh. Additionally, the ₹2.65 lakh zone is also acting as immediate resistance. It is trading below its short-term moving averages and the trend indicator ADX stands at 36, indicating near-term weakness. A break below ₹2.25 lakh would likely provide clearer indications of the next phase of price movement.

MCX Crude Oil remains confined within a range, with a descending trendline capping it on the upside and a gradually rising trendline providing support near the ₹5,650–₹5,700 zone. Prices recently moved higher towards the ₹5,950–₹6,000 zone, but encountered resistance near the descending trendline and retreated towards the 5,750–5,800 area.

Meanwhile, the trend indicator, ADX with the reading of 21 indicates weak trend strength. For directional clues, traders can monitor the chart pattern. A break above or below these levels will provide further clues

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.