MCX Gold and Silver hover near record highs; Crude oil trades around ₹5,300; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 Dec Futures: ₹1,24,098/ 10 gram (▲ 2.2%)
• Silver 5 Dec Futures: ₹1,53,309/ 1 kg (▲ 4.6%)
• Crude Oil 20 Oct Futures: ₹5,280/ 1 BBL (▲ 0.6%)

Technical view

Gold continued its bullish momentum, surging to a new record high of around ₹1,23,977 and consolidating in the zone of all-time highs. However, the risk-reward for new long positions remains unfavourable, as the current support cluster is around ₹1,20,000, with the 21-day exponential moving average (EMA) at ₹1,16,582. Unless gold slips below the crucial support zone of 21-day EMA, it may sustain the bullish momentum.

Silver prices also surged to new highs today, surpassing ₹1,52,000 with a robust single-day increase of over 4%. This continues the strong momentum observed since August, with prices rising by over 28% in less than two months. The immediate support for the Silver remains at 21-day EMA ( ₹1,40,123) and breakout retests near ₹1,30,500.

However, as silver consolidates at record highs, the risk-reward for new long positions is limited and remains unfavourable. Prudent risk management is advisable, such as using trailing stops or waiting for a significant correction towards the ₹1,40,000–₹1,30,500 zone, while maintaining an overall bullish outlook above key moving averages and recent support clusters.

Crude oil prices saw a modest rebound today, rising nearly 2% after sharp declines in the preceding session. The technical structure of crude remains weak as it slipped below the crucial support zone of ₹5,300, while the resistance zone remains around ₹5,800. After the breakdown of the two-month-long consolidation, the ₹5,300 to ₹5,400 zone will now act as an immediate hurdle.

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