MCX Gold and Silver remain range-bound while crude oil nears a breakdown; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 Dec Futures: ₹1,23,500/ 10 gram ( ▼ 0.56%)
• Silver 5 Dec Futures: ₹1,53,858/ 1 kg ( ▼ 0.19%)
• Crude Oil 18 Dec Futures: ₹5,160/ 1 BBL (▼ 0.7%)

Technical view

MCX Gold December futures fell by 0.6%, extending their subdued consolidation phase as the metal failed once again to hold above ₹1,25,000. Today's price action shows gold oscillating around the 21-day exponential moving average (EMA), indicating a lack of conviction from both buyers and sellers and maintaining a sideways trend. Immediate resistance remains at ₹1,25,800–₹1,27,000, while the ₹1,20,800–₹1,19,800 demand zone and 50-day EMA continue to provide strong support. A breakout on either side is needed to trigger directional momentum.

MCX Silver December futures fell by 0.6%, continuing their sideways drift as the metal remained below the resistance zone of ₹1,55,500–₹1,57,000. The price continues to hover around the 21-day EMA with weak momentum, reflecting indecision and a lack of follow-through buying. The broader structure remains neutral to mildly bullish as long as silver stays above the ₹1,48,500–₹1,47,000 support zone and the rising 50-day EMA. A breakout above the descending trendline is essential for any meaningful upside.

Crude oil December futures slipped 0.3% as it continued to move within the tight ₹5,200–₹5,400 consolidation zone. Today’s price action has brought prices back towards the lower end of this range, with the 21-day and 50-day EMAs flattening out. As long as crude remains trapped within this range, the probability of a directional momentum continues to increase. A decisive move above ₹5,420 or below ₹5,200 will determine the next trend.

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