MCX Gold and Silver consolidate at higher levels; check today’s trade setup

Market recap (as of 6:00 pm)

• Gold 5 Dec Futures: ₹1,23,249/ 10 gram (▲ 0.03%)
• Silver 5 Dec Futures: ₹1,50,361/ 1 kg (▲ 0.3%)
• Crude Oil 20 Oct Futures: ₹5,565/ 1 BBL (▼ 0.2%)

Technical view

Gold prices sustained the bullish momentum for the tenth session in a row and are consolidating around the all-time high zone of ₹1,23,400. Gold prices have surged over 19% since August in a one way rally, indicating strong bullish momentum. However, as reiterated before the risk-reward for fresh long trades has turned unfavourable and the crucial support for the gold remains at ₹1,15,500 zone.

Silver futures opened the session with a sharp gap down, reflecting initial profit booking and some short-term volatility after recent highs. However, buyers quickly regained control, driving prices back up towards record levels, highlighting the underlying strength. The immediate support for the silver is around ₹1,40,000–₹1,43,000 region.

Meanwhile, the technical structure shows an overbought but sustained uptrend. Traders should stay alert for fast market swings, especially as silver approaches resistance near ₹1,47,000–₹1,50,000 amid high speculative interest.

Crude oil futures have stabilized near the ₹5,550–₹5,600 region after testing strong support around ₹5,400. The technical indicators point to a neutral-to-mildly bullish undertone as long as the price remains anchored above ₹5,400, while rallies are likely to encounter resistance and selling pressure near ₹5,800. A sustained move above ₹5,600–₹5,650 could open space for a test of the higher band, while a breakdown below ₹5,400 may attract further downside pressure.

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