MCX crude oil prices surge as US-Iran war escalates; MCX Gold trades near ₹1.54 lakh per 10 gram; check today's trade setup

Market recap (as of 1:30 pm)

• Gold 5 Oct Futures: ₹1,53,671/ 10 gram (▼ 0.5%)
• Silver 4 Dec Futures: ₹2,39,522/ 1 kg (▼ 0.2%)
• Crude Oil 21 Sept Futures: ₹8,256/ 1 BBL (▲ 1.3%)

Technical outlook

MCX Gold price action remained weak as the October contract traded near ₹1,54,155. The price is below the hourly 20-EMA and the 50-EMA, keeping the hourly structure in favour of sellers. Immediate support is placed near ₹1,54,100, followed by ₹1,53,700, while resistance is seen at the 20-EMA. Meanwhile, ADX at 44.17 confirms a strong downtrend. A sustained fall below ₹1,54,100 can extend the decline, while a recovery above ₹1,55,835 would weaken the bearish setup.

Silver price action remained cautious as the December contract traded near ₹2,40,484. The price is below the hourly 20-EMA and the 50-EMA, which keeps the hourly bias negative. Immediate support is placed near ₹2,40,000, followed by ₹2,35,700, while resistance is seen at the 20-EMA and then the 50-EMA. Meanwhile, ADX at 30.66 indicates a firm trend despite the recent consolidation. A sustained fall below ₹2,40,000 can increase weakness, while a recovery above ₹2,41,621 would be the first sign of improvement.

MCX Crude Oil price action remained positive as the September contract traded near ₹8,260. The price is above the hourly 20-EMA and the 50-EMA, keeping the hourly structure in favour of buyers. Immediate resistance is placed near ₹8,268, followed by ₹8,404, while support is seen near ₹8,225 and then the 20-EMA. Additionally, ADX at 27.52 confirms a moderately strong uptrend. A sustained move above ₹8,268 can extend the recovery, while a fall below ₹8,156 would weaken the positive setup.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.