MCX Gold and Silver trade rangebound, Crude oil extends weakness; check key technical levels

Market recap (as of 7:00 pm)

• Gold 5 Aug Futures: ₹96,010/ 10 gram (▲ 0.5%)
• Silver 5 Sept Futures: ₹1,06,440/ 1 kg (▲ 0.05%)
• Crude Oil 21 July Futures: ₹5,577/ 1 BBL (▼ 0.4%)

Technical view

Gold prices rebounded towards its 50-day exponential moving average (EMA) and faced resistance around the crucial zone. The short-term trend of the gold turned sideways to bearish with immediate resistance around ₹1,00,000 zone. Unless Gold reclaims its 21-day EMA on a closing basis, gold may witness profit-booking from higher levels.

Silver prices sustained above its crucial support zone of 21-day EMA and ₹1,04,700 and is forming an inside candle on the daily chart. Meanwhile, the short-term trend of the silver remains rangebound and a break below 21-day EMA will signal weakness. Conversely, a close above ₹1,08,500 will signal continuation of bullish momentum.

Crude oil started the Monday’s session within the previous week’s range and is trading around the crucial 50-day EMA. The short-term crude remains weak with immediate support around ₹5,500. A break below this support zone will signal further weakness.

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