TODAY'S SESSION RECAP
MCX metals complex closed decisively higher on Friday, driven by broad dollar weakness and a reflation bid across precious metals. Gold led gains, advancing 1.75% to close at ₹162217/10g, while silver followed with a +1.43% move to ₹246718/kg. NatGas posted a steady +1.57% gain to ₹265.2/mmBtu. Copper rose 0.99% to ₹1385.25/kg. Crude oil remained subdued, edging up just 0.13% to ₹8315/bbl—diverging from the broader metals strength. COMEX gold currently trades at $4664.80/oz (+3.29% today), signalling sustained international appetite for safe-haven assets.
HOW MCX CLOSED VS THE DAY'S RANGE
Gold closed near the upper band of its daily range—₹162217 against a high of ₹162239 and low of ₹159601—demonstrating bullish structure and conviction into the close. The commodity recovered from intraday weakness and settled just 22 rupees below the session high, suggesting buying pressure held through the final hour. Silver similarly closed with strength at ₹246718, within touching distance of its intraday peak of ₹248124. Both contracts closed in the upper quartile of their ranges, a constructive technical pattern ahead of the weekend.
WHAT COMEX IS DOING NOW
COMEX gold continues advancing at +3.29%, confirming MCX's directional bias. Silver trades at $69.56/oz (+2.25%), also holding gains. WTI crude, however, shows weakness at $86.80/bbl (-1.17%)—a divergence that mirrors MCX's own crude underperformance. Henry Hub gas strengthens at $2.81/mmBtu (+2.78%). The US session is broadly bullish for precious metals but bearish for energy—a split signal for Monday's MCX open.
OVERNIGHT WATCH LIST
Monitor gold's resistance at ₹162239 and support at ₹159601. Silver faces resistance near ₹248124. NatGas traders should watch the 20-day SMA at ₹262. US crude inventory data (EIA) releases overnight and will influence crude direction at tomorrow's open.
Overnight watch: COMEX gold holding above $4650/oz—breach below would signal weakness for MCX gold at Monday's open.