MCX Gold crosses ₹1.44 lakh per 10 gram as US-Iran conflict boost demand; Crude Oil surges over 4%

Market recap (as of 1:30 pm)

• Gold 5 Aug Futures: ₹1,44,434/ 10 gram (▲ 1.0%)
• Silver 4 Sept Futures: ₹2,24,957/ 1 kg (▲ 0.5%)
• Crude Oil 20 July Futures: ₹8,466/ 1 BBL (▲ 3.8%)

Technical outlook

MCX Gold is the strongest chart today. The price has broken above the falling trendline and moved sharply towards ₹1,44,800. It is now trading above both the 20-period and 50-period EMAs, confirming a strong short-term recovery. The DMI setup is also strongly bullish, while ADX is near 38.47, which shows that the breakout has strong trend support.

Silver has shown strong recovery and is trading near ₹2,26,500 after reclaiming its 20-period and 50-period EMAs. The price has moved sharply from the ₹2,13,851–₹2,15,249 support zone and is now approaching the key resistance at ₹2,27,690. Meanwhile, the DMI setup supports the bullish move along with ADX which is near 39, showing that the current recovery has strong momentum.

MCX Crude oil is trading near ₹8,240 after the recent move above ₹8,158. The price remains above both the 20-period and 50-period EMAs, which keeps the short-term structure positive. However, today’s price action shows some pause near higher levels. The DMI setup is still positive, while ADX is near 20, which shows that trend strength is moderate and the rally may need fresh follow-through to continue.

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