MCX Gold and Silver sustains parabolic rally; check key technical level and trade setup

Market recap (as of 7:00 pm)

• Gold 5 Dec Futures: ₹1,28,450/ 10 gram (▲ 0.9%)
• Silver 5 Dec Futures: ₹1,64,456/ 1 kg (▲ 1.2%)
• Crude Oil 20 Oct Futures: ₹5,139/ 1 BBL (▼ 0.2%)

Technical view

Gold December futures on MCX entered a parabolic phase, extending their sharp rally to ₹1,28,025 , a fresh record high. The uptrend remains intact, with price trading well above all key moving averages, the 21-EMA and 50-EMA. While the trend remains bullish, traders should note that parabolic advances often precede volatile corrections once profit-taking begins. Immediate support is seen near ₹1,23,500–₹1,22,000 (previous breakout zone), and a sustained close below ₹1,20,000 could mark the first sign of exhaustion.

MCX Silver December futures have continued their parabolic rally, surging to ₹1,63,560 and reaching new multi-month highs. The uptrend remains strong, with the price holding well above the 21- and 50-day exponential moving averages (EMAs), signalling firm bullish momentum. However, such steep rallies often lead to bouts of sharp profit-booking. Immediate support is seen near ₹1,52,000–₹1,48,000 (the previous breakout zone), and sustained movement below ₹1,45,000 could be an early sign of a trend reversal.

Crude Oil October futures remained weak, slipping to ₹5,151 as bearish momentum deepened below the short-term moving averages. The price has broken decisively below the key support zone of ₹5,400–₹5,350, turning it into a fresh resistance area. Both the 21-EMA and 50-EMA are sloping downward, indicating sustained downside pressure. A sustained move below ₹5,000 could open the door for further decline toward ₹4,850 levels, whereas any pullback toward ₹5,400 is likely to face renewed selling pressure.

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