MCX Crude gains 3%, challenges important 50 EMA resistance; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 August Futures: ₹97,778/ 10 gram (▲ 1.9%)
• Silver 4 July Futures: ₹99,933/ 1 kg (▲ 3.0%)
• Crude Oil 18 June Futures: ₹5,371/ 1BBL (▲ 3.2%)

Technical View

Gold prices rebounded from the crucial support zone of ₹94,200 and its 21-day exponential moving average and is currently trading above previous week’s high. It is forming a bullish candle on the daily chart with immediate support around ₹94,200. Unless the Gold slips below this zone on a closing basis, the trend may remain bullish.

Silver prices extended the consolidation for the second week in a row and is currently trading within the range of the previous two weeks. The short-term trend of the silver remains range-bound with immediate resistance around ₹99,350 and support around ₹93,800. A break above or below these zones on a closing basis will provide further directional clues.

Oil prices jumped towards its crucial resistance zone of the 50-day exponential moving average (EMA) and is forming a bullish candle on the daily chart. However, the broader structure of the crude remains range-bound with immediate resistance around ₹5,500 zone. A close above this zone will signal change in the short-term trend.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.