TODAY'S SESSION RECAP
Crude dominated MCX's red finish, declining 3.8% to close at ₹7828/bbl as US demand signals weakened heading into the American close. The contract traded a 413-rupee range (high ₹8195, low ₹7782), reflecting broad-based energy selloff sentiment. NatGas followed with a -1.28% retreat to ₹263/mmBtu. Precious metals remained resilient—silver edged down 0.27% and gold slipped only 0.14%—signaling flight-to-safety positioning amid crude's weakness. Copper bucked the trend, gaining +0.33% to ₹1388.7/kg on marginal physical demand.
HOW MCX CLOSED VS THE DAY'S RANGE
Crude closed in the lower half of its range, surrendering intraday gains from the 8195 high and settling near the session low at 7782—a classic fade structure into close. NatGas similarly retreated from its 265 high, closing 2 points lower, confirming weakness in energy complex. Silver and gold, however, recovered into close: silver bounced off 240705 lows to settle at 243571, and gold held above 161687 support at 163000—both displaying relative resilience compared to crude's directional collapse.
WHAT COMEX IS DOING NOW
COMEX is diverging sharply from MCX. Gold is rallying +1.48% to 4709.70 $/oz—a clear safe-haven bid on US demand anxiety. WTI crude is also sliding 3.41% to 82.11 $/bbl, confirming MCX's direction. This bullish bias in gold versus crude weakness signals overnight traders are rotating into defensive positions ahead of tomorrow's Asia open.
OVERNIGHT WATCH LIST
Monitor crude support at ₹7782 (today's low, previous session support). Gold faces resistance at ₹163800 (today's high). NatGas key level: ₹265 for any rebound attempt. US crude inventory data (likely post-midnight IST) will be critical—a build would extend crude weakness into tomorrow's open.
Overnight watch: US API crude inventory release and COMEX gold momentum persistence above 4700 $/oz.