MCX Gold and Silver rise amid global uncertainty, Crude Oil trades in a narrow range; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 Dec Futures: ₹1,23,924/ 10 gram (▲ 1.05%)
• Silver 5 Dec Futures: ₹1,58,600/ 1 kg (▲ 2.5%)
• Crude Oil 18 Dec Futures: ₹5,355/ 1 BBL (▼ 0.3%)

Technical view

MCX Gold December futures edged 0.5% higher, attempting a modest recovery after a sharp pullback. The price action shows a rebound from the 21-day exponential moving average (EMA), suggesting that buyers are trying to defend this short-term support. However, the price continues to trade below the overhead resistance band of ₹1,25,000–₹1,26,200, where repeated rejection has capped upside movement.

The broader trend remains sideways to mildly bullish as long as gold holds above the 50-day EMA. Sustained movement above ₹1,25,000 is required to revive upward momentum, whereas closing below ₹1,22,500 could push the gold back into the ₹1,20,000–₹1,18,500 support zone.

MCX Silver December futures gained 1.3%, staging a rebound after the decline in the previous session. Notably, a hammer candlestick pattern formed right at the 21-day EMA (₹1,52,406), indicating renewed buying interest at a critical support level. While the hammer pattern suggests a potential short-term reversal, a close above the high would be required to confirm it.

The white metal continues to trade just below the descending trendline resistance, keeping the broader trend slightly mixed. A decisive breakout above ₹1,58,000–₹1,60,000 would shift momentum firmly in favour of the bulls. On the downside, support remains strong at ₹1,51,000–₹1,50,000, with the 50-day EMA acting as crucial support.

MCX Crude oil December futures fell by 0.2%, continuing to trade within a narrow range that has persisted for almost a month. The price remains locked between ₹5,210 and ₹5,420, reflecting strong indecision as neither the bulls nor the bears have managed to gain the upper hand.

The price continues to consolidate tightly around the 21-day and 50-day EMAs, signalling a volatility squeeze and a buildup of pressure for a decisive breakout. Currently, the immediate resistance remains at ₹5,450, while support is visible at ₹5,210. A break of this range on a closing basis will provide further clues.

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