MCX Gold and Silver jump nearly 2% amid positive global cues; check today’s trade setup

Market recap (as of 1:00 pm)

• Gold 5 Aug Futures: ₹1,47,706/ 10 gram (▲ 1.3%)
• Silver 04 Sept Futures: ₹2,37,536/ 1 kg (▲ 1.8%)
• Crude Oil 20 July Futures: ₹6,559/ 1 BBL (▲ 0.2%)

MCX Gold remains the strongest chart among the three commodities. The price is trading near ₹1,47,650 after a sharp recovery from the ₹1,40,543 support zone and is now consolidating close to recent highs. It is trading above both the 20-period and 50-period EMAs. The DMI setup remains strongly positive, with ADX near 39 confirms that the uptrend has strong momentum.

The immediate resistance is placed at ₹1,49,229, while ₹1,45,510 has become an important support zone.

Silver continues to trade with a strong positive bias and is currently near ₹2,37,500. The price has moved above its short-term moving averages and remains comfortably above the ₹2,33,700 support zone.

The DMI setup confirms the bullish trend, with ADX near 38 also shows that the ongoing move has momentum.

MCX Crude oil is trading near ₹6,581 after recovering from the recent low near ₹6,426. The price has moved above both the 20-period and 50-period EMAs, indicating that short-term momentum has improved. The DMI setup has also turned positive, while ADX near 25 shows that the recovery has reasonable strength. However, crude is now approaching the ₹6,820 resistance zone. This remains the key hurdle for a stronger upside move.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.