MCX Gold and Silver rebound, crude oil consolidates near ₹5,800; check today's trade setup

Market recap (as of 6:30 pm)

• Gold 3 Oct Futures: ₹1,13,720/ 10 gram (▲ 0.06%)
• Silver 5 Dec Futures: ₹1,35,866/ 1 kg (▲ 1.3%)
• Crude Oil 20 Oct Futures: ₹5,743/ 1 BBL (▼ 0.5%)

Technical view

Gold began Thursday’s session on a subdued note, trading within Monday’s range and forming a second consecutive inside candle on the daily chart. This signals ongoing consolidation at elevated levels. In the coming sessions, traders should closely monitor gold’s movement around its recent all-time high of ₹1,14,182 and near-term support at ₹1,10,202, as price action around these levels could offer important guidance for the next stage.

Silver started Thursday's session with strong upward momentum, surpassing recent breakout levels and advancing rapidly above ₹1,37,000. The daily chart shows a clear bullish trend, with prices rising above the 21 EMA (₹1,27,816) and the 50 EMA (₹1,21,778). Meanwhile, after recent consolidation near ₹1,25,500, silver remains in a robust trend. As prices approach new highs, traders should stay alert for any indications of reversal or profit-booking before considering fresh opportunities.

Crude oil opened Thursday's session with mild weakness, retreating after approaching the immediate resistance zone of ₹5,800. The daily chart indicates that prices have recently broken out of a descending triangle pattern and are currently consolidating above the 21 EMA (₹5,609) and the 50 EMA (₹5,574). In the upcoming sessions, traders should watch for follow-through buying to confirm the breakout. However, a rejection from the immediate resistance zone of ₹5,800 could push prices down towards ₹5,550.

Disclaimer:

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