MCX Crude oil holds above ₹5,500 support, MCX Silver prices dip on profit-taking; check today’s trade setup

Market recap (as of 6:15 pm)

• Gold 5 August Futures: ₹97,335 (▲ 0.4%)
• Silver 4 July Futures: ₹1,06,167 (▼ 0.5%)
• Crude Oil 18 June Futures: ₹5,671 (▲ 1.5%)

Technical view

Gold prices took support around the 21-day exponential moving average and is currently consolidating within the range of ₹1,00,000 and ₹95,600 zone. The short-term structure of the yellow metal remains range-bound and the break of the range on a closing basis will provide further directional clues.

Silver prices took a breather after a sharp momentum of six sessions and formed a doji candlestick pattern on the 10th June. The short-term and long-term structure of the silver remains bullish with immediate support around ₹1,03,650. Unless Silver prices on MCX slips below this zone on a closing basis, it may sustain the bullish momentum.

Crude oil sustained its bullish momentum and formed a shooting star candlestick pattern on 10th June on the daily chart. However, the crude oil is trading above the crucial support zone of 5,500. If it sustains this level on a closing basis supported by a bullish candlestick pattern, then it can sustain the positive momentum. Conversely, a close below the low of shooting star candle will confirm the bearish reversal pattern.

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