MCX Gold and Silver trade lower as geopolitical tensions weigh on prices; check today’s trade setup

Market recap (as of 1:00 pm)

• Gold 5 Aug Futures: ₹1,44,568/ 10 gram (▼ 0.5%)
• Silver 04 Sept Futures: ₹2,23,689/ 1 kg (▼ 1.1%)
• Crude Oil 20 July Futures: ₹6,841/ 1 BBL (▼ 0.1%)

MCX Gold is trading near ₹1,44,659 and is moving close to its short-term EMAs. The price has not shown a strong directional move today and remains in a consolidation phase. The immediate level to watch is ₹1,44,784. A sustained move above this zone can improve the short-term setup. On the downside, ₹1,40,543 remains the key support.

The DMI setup is mixed, while ADX is near 17. This indicates low trend strength and suggests that gold may remain rangebound unless there is a clear breakout.

Silver remains under pressure and is trading near ₹2,24,009. The price has slipped below both the 20-period and 50-period EMAs, which keeps the short-term structure weak. The recent pullback from higher levels has brought silver closer to the ₹2,20,502 support zone. This is now the immediate level to watch on the downside. On the upside, ₹2,27,778 is the first resistance, followed by ₹2,37,001.

The DMI setup also favours sellers, while ADX is near 19, suggesting that the trend is weak-to-moderate, but sellers still have the upper hand.

MCX Crude oil has cooled off after the recent sharp rally. The price is now trading near ₹6,872 and has slipped below the 20-period EMA, showing that short-term momentum has weakened.

However, crude is still holding near the key ₹6,805 support zone. This level is important because it was the earlier breakout area. As long as crude stays above ₹6,805, the broader recovery structure remains valid.

The DMI setup has turned slightly negative, with ADX near 20, which shows that trend strength has cooled compared with the previous session.

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