Gold Jumps Over 1%, Silver Surges 2% on MCX: Key Levels, Global Triggers & Today’s Trading Opportunities
Gold and silver prices witnessed strong momentum in the domestic futures market on Wednesday, driven by supportive global cues and a softer US dollar. On the Multi Commodity Exchange of India (MCX), gold climbed more than 1%, while silver outperformed with gains exceeding 2%, attracting fresh investor interest.
Here’s a detailed breakdown of today’s commodity market action, key triggers behind the rally, and expert trading levels to watch.
Gold and Silver Prices on MCX Today
In the domestic futures market:
- Gold (June Futures): Rose by around ₹1,729 (approx. 1.14%) to trade near ₹1,53,400
- Silver (May Futures): Jumped ₹5,316 (approx. 2.17%) to hover around ₹2,49,900
Gold has been sustaining above the ₹1,50,000 mark for the past few sessions, indicating continued bullish sentiment. Meanwhile, silver’s sharper rally suggests stronger speculative and industrial demand.
What’s Driving the Rally?
The primary trigger behind the rise in precious metals is a combination of global developments:
- Weakness in the US dollar index
- Decline in crude oil prices
- Positive international market sentiment
A key geopolitical factor includes statements by Donald Trump regarding the extension of a ceasefire with Iran. This move has eased tensions and led to a fall in crude oil prices, which in turn pressured the dollar slightly (down by about 0.10%).
Since gold is priced in dollars globally, a weaker dollar typically supports higher gold prices.
Global Market Influence
International markets also reflected an upward trend in gold prices. The easing geopolitical concerns and expectations of further peace talks have contributed to a risk-balanced environment, boosting safe-haven demand.
Lower crude oil prices also help control inflation expectations, which indirectly influences commodity movements.
Key Support and Resistance Levels
According to market experts, traders should closely track these technical levels:
Gold (MCX)
- Support: ₹1,50,500 – ₹1,48,800
- Resistance: ₹1,52,800 – ₹1,54,200
Silver (MCX)
- Support: ₹2,40,000 – ₹2,36,600
- Resistance: ₹2,48,000 – ₹2,51,500
These levels can act as important decision points for short-term traders.
Movement in Other Commodities
Apart from gold and silver, other commodities showed mixed trends:
- Copper (April Futures): Up 0.89% to ₹1,276.65
- Crude Oil (May Futures): Down 0.97% to ₹8,350
- Natural Gas (April Futures): Up 0.99% to ₹254.80
- Mentha Oil (April Futures): Slight decline of 0.16%
This indicates a diversified trend across the commodity spectrum, with metals gaining while energy showed weakness.
Today’s Trading Calls (Expert View)
Commodity expert Ajay Kedia from Kedia Commodity has shared the following strategy:
- Gold (June Futures):
- Sell near ₹1,52,000
- Stop loss: ₹1,53,000
- Target: ₹1,50,000
- Silver (May Futures):
- Sell near ₹2,45,000
- Stop loss: ₹2,46,000
- Target: ₹2,42,000
- Crude Oil (May Futures):
- Buy near ₹8,300
- Stop loss: ₹8,100
- Target: ₹8,600
These calls suggest a cautious approach with profit-booking opportunities despite the ongoing rally.
Final Takeaway
The sharp rise in gold and silver prices reflects strong global cues, a weaker dollar, and easing geopolitical tensions. While the trend remains positive, experts recommend keeping an eye on resistance levels and adopting disciplined trading strategies.
For investors, this could be a good time to track the market closely—but always make decisions based on proper risk assessment and professional advice.
Disclaimer: Investment in commodities involves market risk. Always consult a certified financial advisor before making trading decisions.
