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  5. MCX Silver extends bullish momentum, crude faces rejection from 50 EMA; check trade setup

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MCX Silver extends bullish momentum, crude faces rejection from 50 EMA; check trade setup

Upstox
By Upstox News Desk

2 min read | Updated on March 27, 2025, 22:38 IST

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SUMMARY

MCX Silver extended its bullish run for the third consecutive session by trading above the key resistance level of ₹1,00,786. A sustained close above this level could add to the bullish momentum.

MCX Silver extends bullish momentum, crude faces rejection from 50 EMA

MCX Silver extends bullish momentum, crude faces rejection from 50 EMA | Image: Shutterstock

Market recap (as of 7:02 pm)

  • Gold 4 April Futures: ₹89,248 (▲ 0.9%)
  • Silver 5 May Futures: ₹1,01,264 (▲ 1.7%)
  • Crude Oil 21 April Futures: ₹5,980 (▼ 0.1%)

Technical structure

Gold: The yellow metal extended the positive momentum for the third day in a row and is trading above the high of previous three sessions. However, the broader structure of gold on MCX remains range-bound between ₹86,300 and ₹89,700. Unless gold slips below the immediate support zone of 21-day exponential moving average, the short-term structure may remain bullish.
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Silver: Silver prices also extended the bullish momentum for the third consecutive day and is currently approaching the top of the upward trending channel. If silver prices on MCX reclaims the immediate resistance zone of ₹1,00,786 on a closing basis, then it can further extend the bullish momentum. Meanwhile, a rejection and a close below this level will signal weakness.
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Crude oil: After breaking out from the consolidation of fourteen trading sessions, crude prices witnessed resistance around the 50-day EMA on the MCX. The crude prices are currently trading at a crucial juncture. For short-term clues, traders can monitor the price action of crude around the 50-day and 21-day EMA. A break above or below these zones will provide further directional clues.
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The open interest (OI) data of the April 16 expiry saw significant call OI base at 6,000 strike, indicating emergence of fresh call sellers around this level. On the flip side, the put base was observed at 5,900 and 5,800 strikes, signalling support for the crude around this zone.

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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.

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About The Author

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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