MCX Gold and Silver fall on profit booking, Crude oil rise over 1%; check today’s trade setup

Market recap (as of 6:00 pm)

• Gold 3 Oct Futures: ₹1,13,486/ 10 gram (▼ 0.3%)
• Silver 5 Dec Futures: ₹1,34,795/ 1 kg (▼ 0.4%)
• Crude Oil 20 Oct Futures: ₹5,715/ 1 BBL (▲ 1.4%)

Technical view

Gold prices started the Wednesday’s session within the previous day’s range and are forming an inside candle on the daily chart. Meanwhile, the price of yellow metal has jumped over 12% in nearly a month, reflecting strong bullish momentum. However, after such a sharp one-sided rally, the risk-reward equation for short-term traders has become less favorable. On the downside, immediate support for gold is now placed near ₹1,10,000.

On Wednesday, MCX Silver prices opened near the previous session's close, consolidating within a narrow range on the daily chart. In line with gold, it has posted notable gains over the last month, rising around 14%. However, after this strong upward movement, the short-term risk-reward scenario for traders has become less favourable. Immediate support for silver is seen near ₹1,26,000, a level that traders will closely monitor for potential pullbacks before making any further moves.

MCX Crude Oil opened on Wednesday within the previous day’s range, forming an inside candle on the daily chart. Price action shows crude consolidating outside the symmetrical triangle, with the price trading above both the 21 EMA (₹5,587) and the 50 EMA (₹5,563).

Although the immediate trend is neutral, a sustained breakout above the trendline resistance could trigger further upside momentum. On the downside, key support lies near ₹5,400, and a breakdown below this level could lead to increased selling pressure. As volatility compresses, the short-term risk-reward ratio remains balanced and traders should watch for a directional move from this consolidation zone.

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