MCX Gold and Silver sustain upbeat momentum, MCX Crude oil reclaim 50 EMA; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 August Futures: ₹98,070 (▲ 0.3%)
• Silver 4 July Futures: ₹1,01,302 (▲ 0.08%)
• Crude Oil 18 June Futures: ₹5,440 (▼ 0.3%)

Technical view

Gold prices sustained its bullish momentum and are currently trading above the immediate support zone of ₹97,400. The short-term structure of the gold remains bullish unless it slips below the immediate support zone. Meanwhile, the resistance remains around ₹1,00,000.

Silver prices zoomed past the crucial resistance zone of ₹99,400 and formed a bullish candle on the daily chart. The short-term structure of the silver remains bullish as it reclaimed the 21, 50 and 200-day exponential moving averages (EMAs). Unless it surrenders the ₹99,400 zone on a closing basis, the trend may remain bullish.

Crude prices reclaimed its 50-day exponential moving average and is currently trading near the crucial resistance zone of ₹5,500. A break of this zone on a closing basis will signal change in the trend and momentum. Meanwhile, the immediate support for the crude oil remains around ₹5,300.

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