MCX Gold and silver trades under pressure, Crude oil remain rangebound; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Aug Futures: ₹1,47,180/ 10 gram (▼ 0.5%)
• Silver 3 July Futures: ₹2,33,645/ 1 kg (▼ 0.8%)
• Crude Oil 18 June Futures: ₹8,672/ 1 BBL (▼ 0.6%)

MCX Gold is the weakest chart among the three commodities. The price has slipped sharply and is now trading near ₹1,47,500, close to the key support zone of ₹1,46,444. Gold remains well below the 20-period and 50-period EMAs, confirming strong bearish momentum. The DMI setup is also strongly bearish, while ADX has surged above 50. This indicates that the downtrend is strong. A breakdown below ₹1,46,444 can open the door for further downside. For any recovery attempt, gold first needs to move back above ₹1,51,960.

Silver remains in a clear downtrend after the sharp breakdown below ₹2,61,000. The price is now trading near ₹2,35,500 and remains below both the 20-period and 50-period EMAs. The recent fall has taken silver close to the ₹2,32,111 support zone. This level now becomes important for the next leg of price action. The DMI also confirms bearish pressure, while ADX is near 31. This shows that sellers remain in control and the downside trend still has strength.

MCX Crude oil is trading near ₹8,528 after failing to sustain the recent bounce. The price is hovering around the short-term EMAs, which shows a lack of clear trend direction. The broader structure remains sideways to weak. Crude has repeatedly faced selling pressure on every recovery attempt, while ₹8,205 continues to act as the key support zone. The DMI setup also shows weak momentum.

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