MCX Gold and Silver remain rangebound, MCX Crude trade lower; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 June Futures: ₹1,54,997/ 10 gram (▲ 0.1%)
• Silver 5 May Futures: ₹2,54,304/ 1 kg (▲ 0.6%)
• Crude Oil 20 April Futures: ₹8,510/ 1 BBL (▼ 0.3%)

Technical outlook

MCX Gold is trading near the crucial resistance zone of ₹1,54,900–₹1,55,000 with price action indicating a gradual uptrend with consolidation near the highs. Short-term moving averages are trending higher, and the ADX is rising, which supports the bullish momentum. If the price breaks out above ₹1,55,000, it could trigger a move towards ₹1,57,000. Immediate support is located near ₹1,52,800, followed by ₹1,51,000.

Silver traded with a positive bias and attempted a breakout above the ₹2,43,981 resistance zone before witnessing slight profit booking. The structure remains constructive with higher highs and higher lows, supported by rising ADX, indicating strengthening momentum. As long as silver sustains above ₹2,40,000, the bullish bias remains intact, while a decisive breakout above ₹2,44,000 can open further upside towards ₹2,48,000.

MCX Crude oil remained under pressure today but saw a mild intraday recovery, closing slightly higher near ₹8,540. Price action continues to reflect a weak downtrend with base formation, as the contract holds just above the key support at ₹8,072. Despite the bounce, prices are still trading below short-term moving averages, indicating lack of strong bullish conviction. A sustained move above ₹8,800–₹9,000 is needed for recovery, while a breakdown below ₹8,070 can extend the fall towards ₹7,800.

Disclaimer:

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