MCX Gold and Silver trade higher, finds support near 21-day EMA; check today’s trade setup

Market recap (as of 6:15 pm)

• Gold 5 Dec Futures: ₹1,21,750/ 10 gram (▲ 0.4%)
• Silver 5 Dec Futures: ₹1,48,850/ 1 kg (▲ 0.3%)
• Crude Oil 19 Nov Futures: ₹5,415/ 1 BBL (▼ 0.1%)

Technical view

Gold December futures on the MCX have entered a consolidation and the contract is currently trading at around ₹1,21,850, close to its 21-day exponential moving average (EMA).Despite this short-term pause, the 50-day EMA of ₹1,16,750 remains comfortably below current levels, indicating that the medium-term trend remains positive.

In the short term, the price movement indicates an ongoing battle between bulls and bears around the ₹121,000–₹120,500 support zone. A sustained move above ₹1,23,000 would confirm a rebound and open the door to a retest of the ₹1,25,000 resistance zone. Conversely, a daily close below ₹1,20,500 could push prices towards the 50-day EMA.

MCX Silver December futures are trading at around ₹1,49,200, showing signs of recovery following a sharp correction from the October peak of approximately ₹1,70,000. Having reclaimed the 21-day EMA at ₹1,47,560, the price is signalling a gradual turnaround in short-term momentum.

Meanwhile, the 50-day EMA, currently at around ₹1,39,740, continues to provide strong support, maintaining the overall uptrend structure. A decisive close above ₹1,50,000 could pave the way for a retest of the ₹1,53,000–₹1,55,000 zone, whereas a failure to hold above ₹1,47,000 could prompt some profit-taking.

MCX Crude oil futures is trading at ₹5,437, having shown a mild recovery after finding support at around ₹5,200 last week. The price is currently close to the 21-day EMA of ₹5,357. The close crossover of these two averages suggests a period of consolidation, with neither the bulls nor the bears currently in control.

The key resistance level is currently ₹5,510, which has repeatedly capped upside attempts over the past two weeks. Breaking out above this level could trigger fresh buying momentum towards ₹5,600. On the downside, immediate support is found around ₹5,290–₹5,250. A breach below this level could lead to renewed weakness towards.

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