MCX Gold and Silver trades near crucial resistance level; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Dec Futures: ₹1,24,801/ 10 gram (▲ 0.62%)
• Silver 5 Dec Futures: ₹1,55,265/ 1 kg (▲ 1.0%)
• Crude Oil 19 Nov Futures: ₹5,366/ 1 BBL (▲ 0.7%)

Technical view

Gold December futures extended gains for the third consecutive session, climbing 0.57% to ₹1,24,680. However, today’s move brought prices right into the overhead resistance zone between ₹1,24,800 and ₹1,26,000, where supply has earlier capped the uptrend.

The short-term structure remains positive, with the 21-day exponential moving average (EMA) now acting as immediate support, and the 50-day EMA (₹1,17,837) offering a deeper cushion. A decisive breakout above ₹1,26,000 could pave the way for a retest of the October highs. On the downside, support lies around ₹1,20,000–₹1,18,500.

MCX Silver December futures also extended their winning streak, rising by 0.6% to reach ₹1,54,700. The white metal has now entered a key resistance zone between ₹1,55,000 and ₹1,57,000 , an area which previously prompted sharp profit-taking in October.

However, the near-term outlook is positive as prices have reclaimed the 21-day EMA and closed well above it. Meanwhile, immediate resistance is near ₹1,56,000, where sellers may reappear unless momentum continues with strong volume. On the downside, support is found near ₹1,47,000–₹1,45,000, an area that also aligns with the short-term moving averages. Unless silver slips below these levels, the broader bullish trend may remain intact.

MCX Crude Oil November futures posted modest gains, rising 0.5% to ₹5,359. It is consolidating in a tight range, facing resistance near ₹5,500 while finding support around ₹5,120.

Despite positive movement, prices remain capped below the 50-day EMA and around 21-day EMA, both of which are converging and acting as a strong supply zone. A break and sustained close above ₹5,510 will be crucial to confirm a bullish reversal and open the path toward ₹5,650–₹5,750. On the downside, ₹5,120 remains the key support, followed by ₹4,980. A close below these levels may resume the bearish bias that has dominated since mid-October.

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