MCX Crude oil break nine-day consolidation, Silver rebound from 21-EMA; check today’s trade setup

Market recap (as of 3:30 pm)

• Gold 5 Aug Futures: ₹95,935/ 10 gram (▼ 0.5%)
• Silver 4 July Futures: ₹1,07,773/ 1 kg (▼ 0.5%)
• Crude Oil 21 July Futures: ₹5,886/ 1 BBL (▲ 0.2%)

Technical view

Gold prices broke the six-day consolidation and slipped below the 50-day exponential moving average (EMA), indicating weakness. For short-term clues, traders can monitor the price action below ₹96,500 zone. A close below this zone and 50-day EMA will signal further weakness. However, a rebound from this zone and a close above previous session’s high will signal change in the momentum.

Silver extended the consolidation for the fourth session in a row and witnessed support based buying from the crucial 21-day EMA. For directional clues, traders can monitor the range of 3 July. A break above or below the high or low of this range on a closing basis will provide further directional clues.

Crude oil prices sustained its bullish momentum for the third session in a row and is trading above its 21-day and 50-day EMAs. The short-term trend of crude oil turned sideways to bullish as it broke its nine-day consolidation. Additionally, it also reclaimed 21-day and 50-day EMAs, indicating support based buying from ₹5,600 zone. For the upcoming sessions, traders can monitor the immediate support zone of ₹5,800. Unless crude slips below this zone on a closing basis, it may sustain the bullish momentum.

Disclaimer:

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