MCX Gold and Silver hold gain at higher levels; Crude Oil rejected at 50 EMA resistance

Market recap (as of 6:30 pm)

• Gold 3 Oct Futures: ₹1,09,085/ 10 gram (▲ 0.05%)
• Silver 5 Dec Futures: ₹1,24,951/ 1 kg (▲ 0.3%)
• Crude Oil 19 Sept Futures: ₹5,584/ 1 BBL (▲ 0.7%)

Technical view

Gold prices consolidated at higher levels after forming a doji candlestick pattern on the daily chart. It is forming an inside candle on the daily chart, indicating consolidation at higher levels. Unless gold prices slips below ₹1,05,800, the trend may remain bullish.

Silver prices have remained in a consolidation range of ₹1,26,300 to ₹1,25,000 for the fourth consecutive session. The broader trend of the silver remains bullish and a break of this range on a closing basis will provide further directional clues.

Crude oil prices extended the consolidation and is facing resistance around its 21-day and 50-day exponential moving averages. However, the broader trend of the crude remains rangebound with immediate resistance around ₹6,000 and support around ₹5,300. A break above or below this range will provide further directional clues.

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