MCX Crude oil prices surge amid fears of US involvement in the Israel-Iran conflict; check key technical levels

Market recap (as of 3:30 pm)

• Gold 5 August Futures: ₹99,450/ 10 gram (▼ 0.1%)
• Silver 4 July Futures: ₹1,07,438/ 1 kg (▼ 1.0%)
• Crude Oil 21 July Futures: ₹6,437/ 1 BBL (▲ 1.6%)

Technical view

Gold prices extended the consolidation in the range of June 16 and is trading around the immediate support zone of ₹98,800. It is sustaining its gains at higher levels and trading in a narrow range. For short-term clues, traders can monitor the high and low of June 16. A close above or below this range will provide further directional clues.

Silver prices witnessed profit-booking for the second day in a row and slipped towards the crucial support zone of ₹1,07,369. However, the broader trend of silver remains bullish and a rebound from this zone, supported by a bullish reversal candlestick pattern can provide further clues. Meanwhile, if silver breaks the crucial support zone of ₹1,07,369, then weakness can extend up to 21-day exponential moving average.

Crude oil prices sustained its bullish momentum for the third day in a row and are trading above the high of June 13 candle. Additionally, it has moved out of the small consolidation range, suggesting support based buying from lower levels. However, a close below the June 16 low will signal weakness.

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