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  5. MCX Gold stays under ₹95,000 as trade tensions cool, Crude oil around 21 EMA; check today’s trade setup

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MCX Gold stays under ₹95,000 as trade tensions cool, Crude oil around 21 EMA; check today’s trade setup

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By Upstox News Desk

3 min read | Updated on April 28, 2025, 18:48 IST

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SUMMARY

MCX Gold futures fell as trade war worries eased and the U.S. dollar strengthened. MCX Gold June contracts dropped 0.3% to ₹94,645 per 10 grams at 6:30 pm.

MCX Gold stays under ₹95,000 as trade tensions cool, Oil stays under 21 EMA

MCX Gold stays under ₹95,000 as trade tensions cool, Oil stays under 21 EMA

Market recap (as of 6:30 pm)

  • Gold 5 June Futures: ₹94,645 (▼ 0.3%)
  • Silver 5 May Futures: ₹97,345 (▼ 0.3%)
  • Crude Oil 19 May Futures: ₹5,365 (▼ 0.4%)
Gold: The yellow metal traded lower on Monday, with June gold futures trading at $3,295 an ounce, down 0.1%. Gold prices continued to retreat from record highs this week, as the easing of trade tensions between the U.S. and China reduced demand for safe-haven assets such as gold. Meanwhile, Silver was also trading lower, down 0.35% at $32.8 per troy ounce in the futures market.
Crude Oil: International crude oil futures traded higher today, with Brent futures trading at around $65.89, up 0.12%, while WTI crude oil traded 0.17% higher at around $63. Oil prices are trading in a range amid uncertainty over the outlook for global growth and fuel demand amid U.S. trade tariffs.

Technical structure

Gold: The price action of yellow metal remains weak as it slipped towards the immediate support zone of ₹93,900 zone. If gold slips below this zone on a closing basis it may test its 21-day exponential moving average. Unless the gold recalims immediate resistance of ₹97,400, the trend may remain range-bound.
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Silver: After slipping towards the crucial support of 21-day, 50-day and 200-day EMAs and is currently forming a doji candlestick pattern on the daily chart. The technical structure of the silver is at a crucial juncture. Traders can monitor the price action of silver around the ₹98,100 and ₹94,150. A break of this range on a closing basis will provide furtherdirectional clues.
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Crude oil: Oil prices sustained its bearish momentum and remains range-bound between the ₹5,700 and ₹5,000. It is trading below its 21-day and 50-day EMAs and has failed to reclaim the crucial levels since last fourteen trading sessions. In the upcoming sessions, a break of ₹5,700 and ₹5,000 on a closing basis will provide further directional clues.
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The open interest data for the 15 May expiry saw significant call options base at 5,400 and 5,500 strikes, suggesting resistance for the crude oil around these levels.

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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

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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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