MCX Crude Oil trades nearly 4% lower, MCX Gold recover to trade above ₹1.48 lakh per 10 gram

Market recap (as of 7:00 pm)

• Gold 5 Aug Futures: ₹1,48,016/ 10 gram (▲ 0.5%)
• Silver 3 July Futures: ₹2,34,524/ 1 kg (▲ 3.6%)
• Crude Oil 20 July Futures: ₹6,984/ 1 BBL (▼ 3.8%)

MCX Gold bounced sharply from the ₹1,46,444 support zone and is trading near ₹1,48,550. The price has moved above the short-term EMA, but remains below the 50-period EMA near ₹1,49,310, which keeps the broader bias cautious.

The DMI remains tilted towards sellers, while ADX near 31 shows that the prevailing trend still has strength. The immediate resistance is around ₹1,50,853, followed by ₹1,55,400. On the downside, ₹1,46,444 remains the key support.

Silver has seen a sharp rebound after taking support near ₹2,32,111. The price has recovered towards ₹2,37,000 and moved above the short-term EMA, indicating that buyers have returned after the recent sell-off. The DMI setup has improved, with +DI at 29.56, while ADX near 25 suggests that the recovery has reasonable strength, though the larger trend will improve only after silver reclaims ₹2,47,957.

MCX Crude oil has held above the ₹7,019 support zone and moved back towards ₹7,200. The price has also moved above its short-term EMA, showing that selling pressure has eased after the sharp decline.

The DMI setup has turned positive, while ADX is near 24, indicating that the recovery has some momentum, though crude still needs a stronger breakout to confirm a trend reversal. The immediate resistance is placed at ₹7,470. A move above this level can strengthen the recovery and open room for a move towards ₹8,105.

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