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  1. MCX Crude oil breaks 21 EMA support, Gold and Silver prices under pressure; check today’s trade setup

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MCX Crude oil breaks 21 EMA support, Gold and Silver prices under pressure; check today’s trade setup

Upstox

2 min read | Updated on May 22, 2025, 20:16 IST

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SUMMARY

MCX Crude oil faced resistance around its 50-day exponential moving average on 21 May and is currently trading below the previous session’s low. For the upcoming sessions, traders can monitor the price action of crude around its 21-day EMA and the previous session’s low. A close below these levels will signal weakness.

Silver prices also came under profit-booking after the breakout above the crucial resistance zone of ₹97,600 zone.

Silver prices also came under profit-booking after the breakout above the crucial resistance zone of ₹97,600 zone.

Market recap (as of 8:00 pm)

  • Gold 5 June Futures: ₹95,682 (▲ 0.09%)
  • Silver 4 July Futures: ₹97,764 (▼ 0.4%)
  • Crude Oil 18 June Futures: ₹5,263 (▼ 0.6%)

Technical outlook

Gold: The yellow metal started Wednesday's session positively, but then faced profit-taking at higher levels. It broke out of the falling channel connecting the April and May swing highs. It could extend its gains further if it remains above the channel, supported by a bullish candlestick pattern. Conversely, rejection followed by a negative candlestick pattern could indicate a false breakout.
GOLDMCX1.webp
Silver prices also came under profit-booking after the breakout above the crucial resistance zone of ₹97,600 zone and is currently forming a bearish candle on the daily chart. If silver protects this support zone on a closing basis then it can further extend its gains. However, a close below the support zone of ₹97,600 will signal weakness and push silver back into the range of ₹97,600 and ₹93,700.
SILVERMCX1.webp
Crude oil Oil prices encountered resistance at the 50-day exponential moving average (EMA) on May 21, forming a neutral candlestick pattern on the daily chart. Currently, prices are trading below both the 21-day EMA and the previous session’s low. A decisive close below the 21-day EMA could signal further downside. Conversely, if crude oil manages to hold above this key support zone on a closing basis, a bullish rebound may continue.
CRUDEOILMCX1.webp

Disclaimer:

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Upstox
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