MCX Crude Oil sees sharp fall as US-Iran halt military strikes; check today’s trade setup

Market recap (as of 3:00 pm)

• Gold 5 Aug Futures: ₹1,41,768/ 10 gram (▼ 0.9%)
• Silver 4 Sept Futures: ₹2,16,732/ 1 kg (▼ 2.0%)
• Crude Oil 10 Aug Futures: ₹7,764/ 1 BBL (▼ 2.4%)

MCX Gold has failed to sustain above its short-term trendline and is now trading near ₹1,42,100. The price has slipped below the 20-period and 50-period EMAs, which weakens the recent recovery attempt. The immediate support is placed near ₹1,41,742. Below this, ₹1,39,801 becomes the next major support. On the upside, ₹1,44,230 is the key resistance. The DMI setup also favours sellers, while ADX near 24 suggests that bearish momentum is building.

Silver has also weakened and is trading near ₹2,17,450. The price has broken below its rising trendline support and is now below both the 20-period and 50-period EMAs. The immediate support zone is placed around ₹2,15,249–₹2,13,851. If silver fails to hold this zone, the weakness may extend further. On the upside, ₹2,27,690 remains the key resistance. The DMI setup has turned bearish, with ADX near 28.5 shows that the downside move has reasonable strength.

MCX Crude oil has seen a sharp fall from higher levels and is now trading near ₹7,792. The price has slipped below the important ₹7,799 support zone and is also trading below both the 20-period and 50-period EMAs. This breakdown has weakened the earlier bullish structure. The next key support is now placed near ₹7,543. On the upside, ₹8,158 becomes the immediate resistance, followed by ₹8,714. The DMI setup strongly supports the bearish view, while ADX is above 45. This shows that sellers are firmly in control and the downside move has strong momentum.

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