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  5. MCX silver face resistance around ₹96,500, Crude oil consolidate in a range; check today's trade setup

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MCX silver face resistance around ₹96,500, Crude oil consolidate in a range; check today's trade setup

Upstox
By Upstox News Desk

3 min read | Updated on February 06, 2025, 20:01 IST

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SUMMARY

After a sharp rally, the MCX silver prices failed to reclaim the ₹96,500 resistance level and slipped nearly 1%. Meanwhile, the immediate support for silver is around the ₹93,600. Traders can monitor the price action of silver in this range as a close above or below these levels will provide further insights.

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Commodity trade setup 6 Feb: Silver faces resistance around ₹96,500, Crude oil consolidates in a range. | Image: Shutterstock

Market recap (as of 7:00 pm)

  • Gold 4 April Futures: ₹84,526/ 10 gram (▼ 0.05%)
  • Silver 5 March Futures: ₹95,300/ 1 kg (▼ 0.69%)
  • Crude Oil 19 Feb Futures: ₹6,295/ 1 BBL (▲ 1.04%)
Gold: The yellow metal traded marginally lower, with April Futures down 0.30% at $2,883 per ounce. Gold prices continue to trade close to record-high levels as persistent fear over a US-China trade war kept demand for safe-haven assets high. Meanwhile, Silver also traded lower, down 1.21% at $32.57 per ounce in the futures market.
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Crude Oil: International crude oil futures traded higher today, with Brent Futures trading around $75.25, up 0.84%, while WTI Crude traded 0.97% higher around $71.75. Oil prices recovered from yesterday’s fall of over 2% following a large build in US crude stockpiles. Meanwhile, Saudi Arabia's state oil company, Saudi Aramco, raised its March crude oil prices sharply amid rising demand from China and India as US sanctions disrupt Russian supply.

Technical structure

Gold: The yellow metal traded flat after hitting a fresh record high and is currently consolidating within previous day’s range. The gold prices have jumped over 5% after breaking the crucial resistance zone of ₹80,500 on 28 January. For the upcoming sessions, traders can monitor the immediate support zone of ₹83,200. Unless the gold slips below this support zone, the trend may remain positive.
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Silver: Silver faced resistance around the ₹96,500 zone and failed to capture this level on the closing basis. Meanwhile, the immediate support is visible around the breakout zone of ₹93,600. For the upcoming sessions, traders can monitor the price action in this zone. A close above or below these levels will provide further directional clues.
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Crude oil: The crude oil extended its sideways movement for the second day in a row and consolidated around the 6,300 level. As highlighted in our trade setup blog of February 5th, after a sharp movement in both the directions on February 3rd and 4th, the index expanded its trading range and is consolidating between 6,500 and 6,150. A close above or below this range on closing basis will provide further directional clues.
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The open interest data for the 17 February expiry saw highest call base at 6,300 strike, suggesting resistance for the crude around this level. Conversely, the put base was also seen at 6,300 strike with relatively low volume.

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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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