MCX Crude oil jumps over 3% after US-Iran peace talks fail, MCX Gold trades around ₹1.51 lakh per 10 gram

Market recap (as of 3:00 pm)

• Gold 5 June Futures: ₹1,51,902/ 10 gram (▼ 0.4%)
• Silver 3 July Futures: ₹2,62,589/ 1 kg (▲ 0.2%)
• Crude Oil 18 May Futures: ₹9,307 / 1 BBL (▲ 3.1%)

Technical view

Gold is trading in a sideways-to-weak structure on the hourly chart after failing to sustain at higher levels. The price is hovering near the 20-EMA and 50-EMA zone around ₹1,52,500–₹1,52,600, which is acting as an immediate hurdle. The key support is placed at ₹1,51,400, while the major resistance is around ₹154,934. As long as gold holds above ₹1,51,400, the downside may remain limited and it could continue to consolidate. However, a close below ₹1,51,400 would weaken the setup.

Silver is trading with a positive short-term structure on the hourly chart, with prices holding above both the 20-EMA and 50-EMA. The recent upmove has paused near the ₹2,64,000–₹2,66,500 zone, which is acting as the immediate resistance. A decisive move above ₹2,66,500 may extend the rally. On the downside, the 20-EMA near ₹2,62,000 is the first support, followed by the 50-EMA around ₹258,800. As long as silver holds above these moving averages, the structure may remain buy-on-dips. However, a close below ₹2,58,800 would weaken the short-term setup.

MCX Crude oil is showing a recovery attempt on the hourly chart after forming a base near the ₹8,380 support zone. The price has moved back above the 20-EMA and 50-EMA, indicating an improvement in short-term momentum. However, the recovery is facing resistance near the ₹9,560 zone, and the current price is hovering close to the ₹9,207 level. A sustained move above ₹9,560 may open the way towards ₹9,800–₹10,000. On the downside, ₹9,200–₹9,100 is the immediate support zone, followed by ₹8,800. A close below ₹8,800 would weaken the short-term setup and shift focus back towards ₹8,380.

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