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  1. MCX Crude oil breaks out, Silver slips from channel, Gold turns weak below ₹1,45,510

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MCX Crude oil breaks out, Silver slips from channel, Gold turns weak below ₹1,45,510

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1 min read | Updated on July 08, 2026, 14:12 IST

SUMMARY

Today’s commodity price action is mixed. Crude oil has given a strong breakout above its resistance zone, while silver has slipped below its rising channel support. Gold has also weakened after failing to sustain above ₹1,45,510.

What is the Nifty Commodities Index?

Crude oil prices surged over 5% after renewed tensions in the Middle East.

Gold has slipped below the ₹1,45,510 support zone and is trading near ₹1,45,099. The price is also below both short-term EMAs, which shows that momentum has turned weak. The DMI setup favours sellers, while ADX near 28.71 indicates that the bearish move has reasonable strength.

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Silver has lost momentum after breaking below the lower end of its rising channel. The price is trading near ₹2,30,655 and has slipped below both the 20-period and 50-period EMAs. The earlier recovery has weakened after the failure to hold above ₹2,33,700. This level now becomes the immediate resistance. On the downside, ₹2,22,500 is the next important support. The DMI setup has turned negative, while ADX is elevated near 36.73, showing that the downside move has strength.

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Crude oil is the strongest chart today. The price has moved sharply above the ₹6,805 resistance zone and is now trading near ₹6,902. This breakout has pushed the price above both the 20-period and 50-period EMAs, confirming a strong short-term recovery. The DMI setup also supports the bullish move, while ADX has moved up to 32.98, which shows that the uptrend has strength.

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About The Author

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Kshitiz Bhutani Derivatives trader and equity research analyst with over six years of experience in capital markets. Areas of expertise include derivatives strategies, technical analysis, pattern-based trading, equity research, and market analysis.

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