MCX Gold and Silver trades lower as prices continues to consolidate after the recent really; check today’s trade setup

Market recap (as of 3:30 pm)

• Gold 5 Feb Futures: ₹1,38,200/ 10 gram (▼0.6%)
• Silver 5 March Futures: ₹2,54,406/ 1 kg ( ▼1.7%)
• Crude Oil 16 Jan Futures: ₹5,087/ 1 BBL (▼ 2.3%)

Technical view

MCX Gold February futures remained volatile following recent record highs, with traders booking profits at elevated levels. Despite intraday fluctuations, gold remains above its key breakout zone of ₹1,34,000, aligned with the 21-day exponential moving average (EMA), maintaining the broader uptrend. As long as gold remains above ₹1,34,000–₹1,33,500, the outlook is positive, with deeper support placed near ₹1,31,300. On the upside, the immediate resistance zone remains at ₹1,39,000–₹1,40,000.

MCX Silver March futures consolidated its gains after hitting a fresh record high of ₹2,59,322/kg on 6 January. Additionally, the silver prices are comfortably above the 21-day EMA of around ₹2,15,000, which reinforces the bullish structure. Unless the silver slips below the immediate support zone of ₹2,35,000, the upward trend is expected to persist.

MCX Crude Oil January futures continued to trade sideways, extending the two-month consolidation phase. Prices are range-bound, with the downside at ₹5,030–₹5,050 and the upside at ₹5,430–₹5,450. The ₹5,200–₹5,250 zone is acting as a near-term pivot. Until crude breaks decisively out of this range, the market is likely to remain directionless, with short-term movements being driven more by headlines than trends.

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