MCX Oil Prices Plummet as US-Iran Tensions Ease
The MCX Crude Oil futures saw a significant decline as tensions between the US and Iran eased, halting military strikes. The oil prices fell sharply in response to this development.
Crude oil spot prices are trading lower today, with Brent Futures down 2.3% at $83.8 per barrel, while WTI Crude traded 2.5% lower, around $80.8 per barrel. This fall comes after the United States and Iran paused military strikes against each other.
The MCX Gold price has failed to sustain above its short-term trendline and is now trading near ₹1,42,100. The price has slipped below both the 20-period and 50-period EMAs, weakening the recent recovery attempt. The immediate support is placed near ₹1,41,742.
The DMI setup also favors sellers, while ADX near 24 suggests that bearish momentum is building in gold prices. Silver has also weakened and is trading near ₹2,17,450, below both its rising trendline support and the EMAs.