MCX Gold and Silver trade higher, extends recovery in November; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Dec Futures: ₹1,27,430/ 10 gram (▲ 0.76%)
• Silver 5 Dec Futures: ₹1,62,825/ 1 kg (▲ 0.4%)
• Crude Oil 19 Nov Futures: ₹5,258/ 1 BBL (▲ 1.1%)

Technical view

MCX Gold December futures surged by almost 1% and marked a significant breakout above the recent resistance zone of ₹1,25,800–₹1,26,000. This confirms a bullish continuation pattern, with momentum regaining strength after several days of consolidation.

The metal is now trading well above its key moving averages, the 21-day EMA and the 50-day EMA, both of which continue to slope upwards. Meanwhile, immediate support has shifted to ₹1,25,000, followed by ₹1,22,500.

MCX Silver December futures continued their strong upward momentum, rising by 1.8%. This signals a strong follow-through after yesterday’s breakout above the ₹1,58,000 resistance zone, which had capped prices for almost a month.

The white metal is now trading above both the rising 21-day and 50-day EMAs, which are firmly supporting the uptrend. Immediate support has shifted to the ₹1,58,500–₹1,57,000 zone, which was previously a resistance zone. Provided silver does not slip below this zone, the uptrend may remain intact.

MCX Crude oil futures fell by 0.3% but recovered to trade over 1% higher. The oil futures extending the downward trend after repeatedly failing to break above the descending trendline resistance. The bearish price action indicates renewed selling pressure, with prices being rejected near the ₹5,350–₹5,400 zone, where the 21-day and 50-day EMAs continue to act as supply barriers.

Meanwhile, the immediate support rests at ₹5,124, and a breakdown below this level could trigger a further decline towards ₹5,000–₹4,950, retesting the October swing lows. On the upside, bulls will only regain strength if crude manages a decisive breakout above ₹5,510.

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