MCX Crude consolidates around 6,300 level, sustain positive momentum; check key technical levels

Market recap (as of 4:00 pm)

• Gold 5 August Futures: ₹99,290 /10 gram (▲ 0.18%)
• Silver 4 July Futures: ₹1,06,946 /1 kg (▲ 0.66%)
• Crude Oil 21 July Futures: ₹6,448/ 1 BBL (▲ 0.6%)

Technical view

Gold prices traded in a narrow range and extended the consolidation between the immediate support zone of ₹98,800 and the resistance zone of ₹1,01,078. It is trading within the range of June 16 and a break above or below this range on a closing basis will provide further directional clues.

Silver prices rebounded after the formation of the hammer candlestick pattern on Friday’s session and is currently trading above the high of the bullish reversal pattern. Additionally, the short-term structure of the silver remains positive and a close above the hammer pattern will signal continuation of the bullish momentum.

Crude oil started the Monday’s session on a positive note and is sustaining above the crucial support zone of ₹6,300. It is currently forming a doji candlestick pattern on the daily chart, signalling pause or indecision among traders. Unless the crude slips into the consolidation zone of ₹6,300 and ₹6,200, it may sustain the bullish momentum. However, if it slips in the consolidation zone highlighted below on the chart, the trend may remain sideways.

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