MCX Gold and Silver: Consolidation or range breakout on the card?; check technical levels and insights

Market recap (as of 6:30 pm)

• Gold 5 Aug Futures: ₹96,630/ 10 gram (▼ 0.37%)
• Silver 4 July Futures: ₹1,07,308/ 1 kg (▼ 1.0%)
• Crude Oil 21 July Futures: ₹5,773/ 1 BBL (▲ 1.4%)

Technical view

Gold prices started the Monday’s session within previous week range and extended the consolidation for the fourth consecutive session. It is trading between the crucial 21-day and 50-day exponential moving averages and a break of this range on a closing basis will provide short-term directional clues.

Silver prices started the Monday’s session on a negative note and rebounded from the immediate support zone of ₹1,07,217. However, it is trading within the range of previous two trading sessions and consolidating between ₹1,07,217 and ₹1,08,730. For short-term clues, traders can monitor this range as a break of this range on a closing basis will provide further clues.

Crude oil rebounded from the crucial support zone of the 50-day EMA and is currently forming a bullish candle on the daily chart. Additionally, it is also trading above 21-day EMA, indicating support based buying from lower levels. However, it is important to note that the crude oil is trading within the 24 June’s range. Unless the crude breaks this range on a closing basis, the trend may remain sideways. A break of this range will provide further directional clues.

Disclaimer:

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