MCX Crude Oil prices continue to surge amid rise in US-Iran conflict; check today’s trade setup

Market recap (as of 3:00 pm)

• Gold 5 Aug Futures: ₹1,41,283/ 10 gram (▼ 0.6%)
• Silver 4 Sept Futures: ₹2,21,499/ 1 kg (▼ 0.7%)
• Crude Oil 20 July Futures: ₹7,698/ 1 BBL (▲ 1.5%)

Technical outlook

MCX Gold remains under pressure and is trading near ₹1,41,338. The price is still below both the 20-period and 50-period EMAs, which confirms that the short-term trend is weak. The immediate resistance is around ₹1,42,500, followed by ₹1,48,069. The DMI setup also favours sellers with ADX near 28, showing that the bearish trend has reasonable strength.

Silver remains weak after failing to sustain above the ₹2,20,502 zone. The price is trading near ₹2,21,500, but the recovery is still not strong because silver remains close to its short-term moving averages. The immediate resistance is placed near ₹2,27,690. Unless silver moves above this level, the broader structure may remain sideways to weak. On the downside, ₹2,15,249 is the key support zone. The DMI setup is still slightly negative, while ADX is near 21.60, which suggests that the trend strength is moderate but not very strong.

MCX Crude oil is trading near ₹7,680 after a strong breakout above ₹7,382. The price remains above both the 20-period and 50-period EMAs, which keeps the short-term trend positive. After the sharp move, crude is now consolidating near higher levels. The DMI setup also supports the bullish view, with ADX at 35.42, which shows that the trend still has strength.

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