MCX Gold and Silver rebounds from 50 EMA, Crude remains rangebound; check today’s trade setup

Market recap (as of 5:00 pm)

• Gold 5 Aug Futures: ₹99,959/ 10 gram (▲ 1.1%)
• Silver 5 Sept Futures: ₹1,11,912/ 1 kg (▲ 1.5%)
• Crude Oil 19 Aug Futures: ₹5,778/ 1 BBL (▼ 1.8%)

Technical view

MCX Gold prices rebounded from the crucial support zone of the 50-day exponential moving average (EMA) and trendline support zone. Additionally, it has moved past the crucial resistance zone of ₹99,840, indicating bullish rebound from lower levels. A close above this resistance zone will signal continuation of bullish momentum. Meanwhile, a close below 98,292 will signal weakness.

Silver prices also rebounded from the crucial support zone of 50-day EMA and the trendline support connecting crucial swing lows of June and July. It formed a doji candle on Friday, reflecting indecision around the crucial support zone. Meanwhile, it is forming a bullish candle on the daily chart and is trading above the high of the previous session’s high. A close above the doji’s high will signal continuation of bullish momentum.

Crude oil surrendered all its gains after the breakout of ₹5,900 zone and has slipped back to its 21-day exponential moving average (EMA). The broader structure of crude has turned rangebound with immediate resistance around ₹6,200. Meanwhile, the immediate support for the crude oil is at ₹5,600. Unless crude oil breaks this range on a closing basis, the trend may remain rangebound.

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