return to news
  1. Upstox
    /
  2. News
    /
  3. Market News
    /
  4. Commodities
    /
  5. MCX Crude Oil falls below key support level, MCX Gold surges to ₹1.44 lakh per 10 gram; check today’s trade setup

Market News

MCX Crude Oil falls below key support level, MCX Gold surges to ₹1.44 lakh per 10 gram; check today’s trade setup

Upstox logo
By Kshitiz Bhutani

3 min read | Updated on July 02, 2026, 12:06 IST

Google
SelectUpstoxas yourPreferred news source
Copy link
Twitter Page
Linkedin Page
Whatsapp Page

SUMMARY

MCX Crude oil weakened sharply and slipped below a key support level, while silver moved up to an important resistance zone. Gold gave up some intraday gains after approaching resistance, but its recovery structure remains intact.

MCX_Gold_live_today

MCX Crude oil has broken below the important ₹6,497 support zone.

Market recap (as of 11:30 am)

  • Gold 5 Aug Futures: ₹1,44,060/ 10 gram (▼ 0.2%)
  • Silver 4 Sept Futures: ₹2,30,400/ 1 kg (▲ 0.01%)
  • Crude Oil 20 July Futures: ₹6,476/ 1 BBL (▼ 0.7%)
Gold: The yellow metal is trading flat in the international market as Gold spot prices traded around $4,081 per ounce, down 0.05%. Meanwhile, Silver traded 0.08% lower at $60.4 per ounce in the US markets. Gold prices recovered further from a recent eight-month low. Yesterday, new Federal Reserve Chair Kevin Warsh said that inflation risks have eased in recent weeks but reaffirmed the Federal Reserve’s commitment to restoring inflation to its 2% target.
Open FREE Demat Account within minutes!
Join now
Crude oil: Crude oil spot prices are trading lower today, with Brent Futures trading around $70.7 per barrel, down 1.2%, while WTI Crude traded 1.2% lower, around $67.7. Oil prices fell in the Asian markets on Thursday amid improving supply expectations as the US-Iran peace talks continue to take place, which reduces the fear of immediate escalation.

MCX Gold rallied towards the ₹1,45,510 resistance zone but faced profit-booking and is now trading near ₹1,43,857. Despite the pullback, the price remains above its short-term moving averages, keeping the recovery bias intact.

The DMI setup continues to favour buyers, with +DI above -DI. ADX near 25.77 indicates that the recovery has reasonable momentum, although gold needs to clear ₹1,45,510 for the next leg higher.

GOLD-05AUG26-FUT_2026-07-02_10-59-08.webp

MCX Silver has recovered strongly from lower levels and is now trading near ₹2,28,375, slightly above the important ₹2,28,162 resistance zone. The price has moved above both short-term EMAs, which reflects improving momentum.

However, the DMI setup is not yet decisive. The +DI and -DI are nearly equal, while ADX is near 15. This suggests that the breakout needs follow-through before a stronger trend can be confirmed.

SILVER-03JUL26-FUT_2026-07-02_10-59-29.webp

MCX Crude oil has broken below the important ₹6,497 support zone and is trading near ₹6,474. The price remains below both the 20-period and 50-period EMAs, keeping the short-term structure firmly negative.

The DMI setup confirms the weakness. The -DI stands well above the +DI, while ADX has risen to 29.44. This shows that sellers are in control and the downside move has gathered strength.

CRUDEOIL-20JUL26-FUT_2026-07-02_11-00-15.webp

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.

About The Author

Upstox logo
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.

Next Story