MCX Gold consolidates near ₹1.30 lakh per 10 gram, Crude oil trades in ₹5,200–₹5,400 range

Market recap (as of 7:00 pm)

• Gold 5 Feb Futures: ₹1,30,016/ 10 gram (▼ 0.3%)
• Silver 5 March Futures: ₹1,80,026/ 1 kg (▼ 1.2%)
• Crude Oil 18 Dec Futures: ₹5,321/ 1 BBL (▼ 0.6%)

Technical view

Gold futures on MCX fell by 0.6%, as investors took profits after the recent breakout above the falling trendline. Price action remained steady above the 21-day exponential moving average (EMA), indicating that the short-term outlook remains positive. However, the metal continues to face resistance near the ₹1,30,000–₹1,31,000 resistance area. On the downside, the ₹1,28,000–₹1,26,000 zone and the rising 50-day EMA will act as strong support zones. A decisive close above the resistance zone is required for bullish momentum to resume.

MCX Silver futures fell by 2%, following a strong rally over the past week. Although the price remains comfortably above the 21-day EMA, today’s dip signals short-term exhaustion. Immediate support lies at ₹1,70,000 zone, which is the retest zone of the breakout structure. Provided silver remains above the support zone and rising moving averages, the broader bullish trend will remain intact.

MCX Crude Oil futures slipped 0.4% as the contract continued to hover inside the ₹5,200–₹5,400 consolidation zone that has held for over six weeks. Price remains below the 21-day and 50-day EMAs, indicating a lack of strong bullish momentum so far. For a directional move, crude must break above ₹5,400 decisively for any upside extension, while ₹5,200 remains the key support. Hence, any close below this could revive selling pressure toward ₹5,050–₹4,950 levels.

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