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  5. MCX crude oil drops 4% below 21 EMA, Gold and Silver test key support levels; check today’s trade setup

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MCX crude oil drops 4% below 21 EMA, Gold and Silver test key support levels; check today’s trade setup

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By Upstox News Desk

3 min read | Updated on May 15, 2025, 17:37 IST

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SUMMARY

MCX Crude prices slipped below its 21-day exponential moving average (EMA) and failed to cross the 50 EMA hurdle. It is forming a negative candlestick pattern on the daily chart and can extend the weakness if ends below 21-day EMA.

MCX-shares (1).webp

Commodity trade setup Jan 13: Crude tops ₹6,700 on strong momentum; Silver slides below 21 EMA

Market recap (as of 5:30 pm)

  • Gold 5 June Futures: ₹92,126/ 10 gram (▼ 0.1%)
  • Silver 4 July Futures: ₹95,137/ 1 kg (▼ 0.3%)
  • Crude Oil 19 May Futures: ₹5,229/ 1 BBL (▼ 3.4%)
Gold: The yellow metal traded lower on Thursday, with gold June Futures trading at $3,170 per ounce, down 0.5%. Gold futures trade lower in tandem with the weak global rates amidst dulled safe haven appeal with the easing trade tensions between the US and China. Moreover, firmer dollar and sluggish spot demand also added the downside momentum.
Crude oil: International crude oil futures traded lower today, with Brent Futures trading around $63, down 3.8%, while WTI Crude traded 4.1% lower, around $60.5. Oil prices declined amid expectation of potential U.S.-Iran reaching a nuclear deal. If this deal happens Iran could pump more oil in the global market leading to surplus crude supply. As a result, oil prices took a hit today. Iran is OPEC’s third largest producer. It pumps around 3 million barrels of oil per day (bpd), or around 3% of total world output.

Technical outlook

Gold: The yellow metal started the Thursday’s session on a negative note and slipped towards the crucial support zone of 50-day exponential moving average and ₹90,800 zone. Additionally, it has taken support at downward sloping trendline connecting the swing low of May 1. A break below this zone on a closing basis will signal further weakness. On the flip side, gold may resume its bullish trend if it forms a reversal signal and reclaims ₹94,300 zone on a closing basis.
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Silver: After a gap-down start, Silver prices took support around the ₹93,800 zone and is currently protecting the crucial zone on a closing basis. However, the broader structure of the silver remains range-bound with immediate resistance around ₹97,600 zone. It is consolidating within this range for the past eight trading sessions. A break above or below this range on a closing basis will provide further directional clues.
mcx202.webp
Crude oil: Oil prices slumped over 4% and failed to cross the 50-day exponential moving average. It is forming a bearish candle on the daily chart and is currently trading below its 21-day EMA. A close below 21-day EMA and a negative candlestick pattern will signal weakness and it can test ₹4,700 zone.
mcx343.webp

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

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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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