MCX Gold extends rally to trade at ₹1.58 lakh per 10 gram, crude oil rises for 5th straight day

Market recap (as of 1:00 pm)

• Gold 5 Oct Futures: ₹1,57,978/ 10 gram (▼ 0.01%)
• Silver 4 Sept Futures: ₹2,38,644/ 1 kg (▲ 0.7%)
• Crude Oil 21 Sept Futures: ₹8,199/ 1 BBL (▲ 0.5%)

Technical outlook

MCX Gold price action remained strong as the contract continued to trade above the breakout zone and held near ₹1,58,450. The price is placed comfortably above the 20-EMA and 50-EMA, which keeps the short-term trend firmly positive. The earlier resistance of ₹1,55,835 has now turned into an important support zone. As long as gold holds above this level, the trend remains in favour of buyers. The ADX is strong at 36.80, showing that the trend has good strength.

Silver price action also remained positive as the contract extended its recovery and traded near ₹2,39,722. The price is holding above both the 20-EMA and the 50-EMA, which confirms improving short-term strength. The immediate resistance is placed near ₹2,41,999, while support is now seen around ₹2,31,550. A sustained move above ₹2,41,999 can open the door for further upside. The ADX is strong at 39.70, which indicates that the ongoing trend has strength.

MCX Crude Oil price action remained range-bound near resistance as the contract traded around ₹8,106 after testing the ₹8,170 zone. The price is hovering near the 20-EMA, while the 50-EMA is placed lower near ₹8,033. This shows that the broader short-term structure is still supportive, but the price needs to sustain above ₹8,170 for fresh strength. On the downside, ₹7,986 remains the key support to watch. The ADX is at 26.76, indicating moderate trend strength.

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