MCX Gold and Silver consolidate around 21 EMA, Crude Oil trades near ₹5,400; check key technical levels

Market recap (as of 6:30 pm)

• Gold 5 Dec Futures: ₹1,21,228/ 10 gram (▲ 0.5%)
• Silver 5 Dec Futures: ₹1,48,500/ 1 kg (▲ 0.8%)
• Crude Oil 19 Nov Futures: ₹5,340/ 1 BBL (▲ 0.6%)

Technical view

Gold futures attempted to stabilise following a recent correction. The price is currently hovering near ₹1,21,400, just below the 21-day exponential moving average (EMA) which suggests consolidation within a narrow band. The short-term trend is sideways with the price struggling to remain above the short-term moving average. However, the 50-day EMA, currently at around ₹1,17,173, has offered reliable support in recent sessions. Immediate resistance is seen between ₹1,23,500 and ₹1,24,500, where a previous supply zone and failed breakout candles coincide. A decisive close above this region could trigger a retest of the ₹1,28,000 level.

MCX Silver futures are showing signs of recovery after consolidating near the ₹1,45,000 mark. The metal is currently trading just above its 21-day EMA of ₹1,47,399. The 50-day EMA, currently at ₹1,40,540, continues to provide strong support, suggesting that the medium-term trend is bullish despite the recent pullback. Meanwhile, the immediate resistance is located between ₹1,50,000 and ₹1,52,000. A daily close above ₹1,52,000 could trigger a fresh rally Conversely, a breakdown below ₹1,41,000 could invite further selling pressure.

Crude oil futures are trading with a mildly positive bias, closing at ₹5,348 — up 0.8%. The short-term trend remains uncertain, with the price oscillating between the 21-day EMA (₹5,355) and the 50-day EMA (₹5,408). Despite a strong rebound from the ₹5,150 zone earlier this week, the inability to remain above the moving averages suggests that the bears still have the upper hand in the short term.

On the upside, resistance is seen near ₹5,500–₹5,520, where multiple rejection candles have appeared over the past few sessions. A breakout above this level could trigger a further increase towards ₹5,650. On the downside, immediate support lies near ₹5,250, followed by a stronger base around ₹5,150.