Commodity Market Wrap-Up (24 June 2025): Gold Slips Below ₹97K, Silver, Crude & Natural Gas See Volatility – Key Levels & Trade Setups
By CapitalKeeper | Market Wrap-Up | Indian Commodities | Market Moves That Matter
On Tuesday, June 24, the commodity market witnessed a broad-based decline, led by sharp corrections in precious metals and energy commodities. With Gold breaching ₹97,000, Silver slipping over ₹2,000, and Crude Oil down by ₹800+ from recent highs, global economic uncertainty and risk-off sentiment dominated.
Let’s decode the day’s market performance, key technical levels, and future trading strategies.
🟡 Gold (MCX) – Bears Take Control
- Closing Price: ₹96,960 / 10g
- Intraday Drop: ▼ ₹2,461
- International Spot: ~$2,312/oz
🌐 Global Cues:
Gold slumped as the U.S. Dollar Index firmed above 105, triggered by hawkish Fed remarks and strong U.S. services PMI data. The market now anticipates fewer rate cuts in 2025, pressuring non-yielding assets like gold.
📈 Technical Analysis:
- Support: ₹96,600
- Resistance: ₹97,500
- RSI: 39 (bearish momentum)
- MACD: Strong bearish crossover
🛠️ Trading Technique:
Wait for stability. Low-risk entries only near ₹96,600–₹96,700 with tight SL at ₹96,400. Immediate trend favors sell-on-rise below ₹97,300.
⚪ Silver (MCX) – Follows Gold’s Footsteps
- Closing Price: ₹1,04,751 / kg
- Intraday Fall: ▼ ₹2,079
- International Spot: ~$29.98/oz
🌐 Global Cues:
Silver fell sharply, mirroring gold’s decline. Weakness in industrial metals and falling ETF inflows also weighed on sentiment.
📈 Technical Analysis:
- Support: ₹1,03,900
- Resistance: ₹1,06,200
- RSI: 42 (weak trend)
- MACD: Bearish continuation
🛠️ Trading Technique:
Look for price reaction near ₹1,04,000–₹1,04,200 for short-term recovery trades. Avoid fresh longs until price reclaims ₹1,06,000. Best strategy: range scalping or sell on strength.
🛢️ Crude Oil (MCX) – Slumps Amid Demand Uncertainty
- Closing Price: ₹5,667 / barrel
- Intraday Move: ▼ ₹794
- International Brent: ~$84.15/bbl
🌐 Global Cues:
Crude Oil prices plunged as traders reacted to weak global economic indicators, including lower refinery output and slowing demand growth forecasts from the IEA. Recession concerns resurfaced across Europe and China.
📈 Technical Analysis:
- Support: ₹5,600
- Resistance: ₹5,820
- RSI: 43 (turned bearish)
- MACD: Bearish crossover visible
🛠️ Trading Technique:
Intraday traders can sell below ₹5,700 with target ₹5,600 and SL ₹5,750. For swing trades, wait for retest of ₹5,800 zone to consider shorting opportunities.
🔵 Natural Gas (MCX) – Cooling After Hot Run
- Closing Price: ₹325.10 / MMBtu
- Intraday Move: ▼ ₹18.10
- International Spot: ~$3.92/MMBtu
🌐 Global Cues:
Natural Gas pulled back after last week’s surge. Weather updates showed mild cooling in midwestern U.S. zones, reducing short-term power demand. Also, the market awaits Thursday’s EIA inventory report.
📈 Technical Analysis:
- Support: ₹318
- Resistance: ₹331
- RSI: 53 (neutral-bearish)
- MACD: Flattening, bearish risk if ₹320 breaks
🛠️ Trading Technique:
Buy near ₹318–₹320 with SL ₹315 for bounce trade. Above ₹332, positional longs can resume with target ₹338. Avoid fresh longs in weak global cues.
🌍 Global Sentiment Dashboard – 24 June Recap
| Global Indicator | Direction | Impact |
|---|---|---|
| 📈 US Dollar Index > 105 | Bullish | Negative for gold/silver |
| 🏦 Fed Hawkish Commentary | Bearish for metals | Dollar Strength |
| 📉 Brent Drops Below $85 | Bearish | Crude under pressure |
| 🌡️ Cooler US Weather Outlook | Neutral to Bearish | Natural Gas dips |
| 🇨🇳 China Factory Data Soft | Bearish | Industrial metals drop |
📊 CapitalKeeper Intraday Strategy Summary
| Commodity | Trend | Buy Zone | Target | SL |
|---|---|---|---|---|
| Gold | Bearish | ₹96,600–₹96,700 | ₹97,300–₹97,500 | ₹96,400 |
| Silver | Bearish | ₹1,04,000–₹1,04,200 | ₹1,05,600–₹1,06,000 | ₹1,03,700 |
| Crude Oil | Downtrend | ₹5,600–₹5,620 | ₹5,750–₹5,800 | ₹5,500 |
| Nat Gas | Mildly Weak | ₹318–₹320 | ₹330–₹332 | ₹315 |
📌 Final Thoughts
June 24 saw the commodity market under broad correction, especially in precious metals and crude oil, with technical indicators warning of further downside unless global cues stabilize. Natural Gas remains the only segment with potential support, but traders are advised to be cautious amid global weather volatility and macro uncertainty.
📢 Tip of the Day: Focus on recovery levels and reversal candles on hourly charts before entering fresh longs—momentum is still fragile across segments.
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