MCX Gold extends rally, Silver trade above ₹2 lakh per kg; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 Feb Futures: ₹1,34,557/ 10 gram (▲ 1.5%)
• Silver 5 March Futures: ₹1,99,977/ 1 kg (▲ 0.5%)
• Crude Oil 18 Dec Futures: ₹5,219/ 1 BBL (▲ 0.7%)

Technical view

MCX Gold February futures extended the bullish momentum for the second day in a row. It decisively broke out of the short-term consolidation₹1,30,000–₹1,31,000, indicating fresh buying interest. Notably, the recent consolidation has now given the breakout on the upside, suggesting that it was a pause within an ongoing uptrend rather than a distribution phase. Immediate support is now seen at ₹1,31,000, with a stronger base forming near ₹1,29,000. As long as prices remain above this zone, the trend may remain positive.

MCX Silver March futures continued to trade with strong bullish momentum, hitting the psychological mark of ₹2,00,000 after the breakout on 9 December. After the decisive move above the earlier consolidation and resistance zone of ₹1,72,000–₹1,73,000, the metal indicates sustained buying interest at higher levels. Meanwhile, the immediate support is now located around ₹1,72,000, while a stronger base is evident near ₹1,54,000.

MCX Crude oil December futures have continued to trade within a narrow range, oscillating between ₹5,200 and ₹5,450 over the past several weeks. The latest price action shows rejection near the upper end of this range, highlighting a continued presence of selling pressure around ₹5,400–₹5,450, where both the 21-day and 50-day EMAs are located. This prolonged consolidation indicates a fight between buyers and sellers, with no evident directional bias. A decisive breakout of this range will provide further clues.

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