MCX Crude oil falls over 6.5% as US-Iran paused military strikes; MCX Gold trade above ₹1.44 lakh per 10 gram

Market recap (as of 12:30 pm)

• Gold 5 Aug Futures: ₹1,44,131/ 10 gram (▲ 0.7%)
• Silver 4 Sept Futures: ₹2,24,686/ 1 kg (▲ 1.1%)
• Crude Oil 19 Aug Futures: ₹8,045/ 1 BBL (▼ 6.5%)

Technical outlook

MCX Gold is trading near ₹1,44,000 after bouncing from the ₹1,42,690 support zone. The price is holding above the 20-period and 50-period EMAs, which keeps the short-term setup positive. Meanwhile, the DMI setup also supports the recovery, while ADX near 23 shows moderate trend strength, suggesting that buyers still have an edge.

MCX Silver is trading near ₹2,24,000 and continues to hold above its short-term moving averages. The price has recovered from the ₹2,13,851–₹2,15,249 support zone and is now consolidating below the ₹2,27,690 resistance. The DMI setup remains mildly positive, while ADX near 23 shows moderate trend strength.

MCX Crude oil has cooled off sharply after the recent rally. The price has slipped from higher levels and is now trading near ₹8,180, close to the key support zone of ₹8,158. The price has moved below the 20-period and 50-period EMAs, which shows that short-term momentum has weakened. The DMI setup has also turned negative, with ADX near 35 establishing that the current downside move has strength.

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