MCX Gold crosses ₹1.08 lakh per 10 gram, hit fresh all-time high, Silver and Crude oil also rally; check today trade setup

Market recap (as of 6:00 pm)

• Gold 3 Oct Futures: ₹1,08,044/ 10 gram (▲ 0.2%)
• Silver 5 Dec Futures: ₹1,25,476/ 1 kg (▲ 0.6%)
• Crude Oil 19 Sept Futures: ₹5,572/ 1 BBL (▲ 2.2%)

Technical view

Gold prices hit a fresh all-time high on Monday and zoomed past the ₹1,08,000 mark, indicating fresh momentum in the yellow metal. The short-term trend of the gold remains bullish with immediate support around ₹1,05,000. Unless gold slips below the immediate support zone, the trend may remain bullish.

Silver prices also extended the bullish momentum and hit a fresh all-time high. However, it failed to sustain its gains at higher levels and witnessed profit-booking. For short-term clues, traders can monitor the price action of silver between ₹1,23,000 and ₹1,26,300. A breakout or breakdown of these levels on a closing basis will provide further directional clues.

Crude oil prices slipped towards the crucial support zone of ₹5,400 and closed below its 21-day and 50-day exponential moving averages (EMAs). However, it is important to note that the broader trend of the crude remains between ₹6,000 and ₹5,300. Unless crude breaks this range on a closing basis, the broader trend may remain range-bound.

Disclaimer:

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