MCX Crude oil futures slide further, Gold and Silver trades in a narrow range; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 3 Oct Futures: ₹99,675/ 10 gram (▼ 0.1%)
• Silver 5 Sept Futures: ₹1,13,936/ 1 kg (▼ 0.1%)
• Crude Oil 19 Aug Futures: ₹5,477/ 1 BBL (▼ 2.2%)

Technical view

Gold prices slipped below its 21-day exponential moving average (EMA) and took support around the upward sloping trendline, connecting swing lows of May, June and July. Additionally, it is forming an inside candle on the daily chart around the crucial support zone of ₹99,800. A break below this level on a closing basis will signal breakdown towards 50 EMA. Conversely, a rebound from this zone, supported by bullish reversal candlestick pattern, will signal trend reversal.

Silver's technical structure stayed rangebound, holding within the previous session's range. The long-term trend of silver remains positive as it is sustaining above the crucial support zone of 21-day EMA and the crucial support zone of ₹1,12,800. Meanwhile, the resistance remains around ₹1,15,700. Unless it breaches this range on a closing basis, the trend may remain sideways.

Crude oil opened Monday’s session on a volatile note, sliding nearly 2% and approaching the key support zone between ₹5,300 and ₹5,400. It’s now trading below the previous session’s low. The broader trend remains bearish, with prices holding below the crucial 21-day and 50-day EMAs.## Market recap (as of 5:00 pm)

• Gold 5 Oct Futures: ₹1,00,468/ 10 gram (▲ 0.3%)
• Silver 5 Sept Futures: ₹1,15,251/ 1 kg (▲ 1.3%)
• Crude Oil 19 Aug Futures: ₹5,490/ 1 BBL (▼ 1.0%)

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