Gold prices fall below ₹1.40 lakh per 10 gram on MCX, Crude oil continues to surge; check today’s trade setup

Market recap (as of 2:00 pm)

• Gold 5 Aug Futures: ₹1,40,550/ 10 gram (▲ 0.1%)
• Silver 4 Sept Futures: ₹2,15,200/ 1 kg (▼ 0.3%)
• Crude Oil 20 July Futures: ₹7,658/ 1 BBL (▲ 0.8%)

Technical outlook

MCX Gold is trading near ₹1,41,220 and continues to move close to the important ₹1,40,543 support zone. The price remains below both the 20-period and 50-period EMAs, which confirms that the short-term structure is still weak. Gold has formed a narrow consolidation near support, but buyers have not shown enough strength to reclaim higher levels. The immediate resistance is around ₹1,42,000, followed by ₹1,43,000.

The DMI setup is also negative and ADX is near 18.38, showing that trend strength is not very high, but the bias remains weak.

Silver remains under pressure and is trading near ₹2,19,300. The price is still below both the 20-period and 50-period EMAs, which keeps the short-term trend weak. It has failed to reclaim ₹2,27,690 and continues to trade closer to the lower support zone. The immediate support is placed at ₹2,15,249. A break below this level can extend the weakness further. The DMI setup also favours sellers, but ADX is near 16.49, which shows that the trend strength is low.

MCX Crude oil continues to remain the strongest chart among the three commodities. After a sharp breakout above ₹7,382, the price is now consolidating near ₹7,650–₹7,700. The price remains above both the 20-period and 50-period EMAs, which keeps the short-term structure positive. The consolidation is happening near higher levels, which indicates that the recent breakout has not yet failed.

The DMI setup also remains supportive, but ADX has moved to 15, indicating lack of trend strength . However, the price structure remains constructive as long as crude holds above ₹7,382.

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