Trump Calls Off Iran Strike, Sends Oil Prices Tumbling
MCX Crude Oil prices plummeted over 6% after US President Donald Trump announced that he was calling off a planned military strike against Iran and would instead pursue fresh talks. This sudden change in direction sent shockwaves through the oil market, causing Brent Futures to trade around $83.6 per barrel, down 4.8%, while WTI Crude traded 5.7% lower at around $79.7.
The US President's decision was seen as a major factor contributing to the sharp decline in oil prices, with Trump stating that negotiations with Iran would resume from Monday. This news has sent gold and silver prices soaring, with Gold spot prices trading around $4,104 per ounce, up 0.3%, while Silver traded 0.9% higher at $58.3 per ounce.
Technical analysis suggests that MCX Crude Oil is struggling to hold above the key support level of ₹7,543, and if it fails to do so, the weakness may extend further. On the other hand, gold prices are trading in a narrow range near ₹1,41,950, with the 20-period and 50-period EMAs providing some resistance.