MCX Gold faces profit booking as Trump delays EU tariffs; Crude oil consolidates within a range

Market recap (as of 7:00 pm)

• Gold 5 June Futures: ₹95,754/ 10 gram (▼ 0.6%)
• Silver 5 March Futures: ₹97,734/ 1 kg (▼ 0.3%)
• Crude Oil 19 Feb Futures: ₹5,239/ 1 BBL (▼ 0.3%)

Technical outlook

Gold prices took a breather after breaking out from the downward sloping trendline and is trading around the Friday’s low. The short-term structure of the gold remains range-bound with immediate support around the 21-day exponential moving average and trendline of the channel. Unless gold slips back into the channel and surrenders 21-day EMA, it may sustain positive momentum. On the flip side, a close below 93,900 zone will signal weakness.

Silver prices are consoldaiting in a narrow range after reclaiming the crucial resistance zone of ₹97,600 and is currently protecting the crucial zone on a closing basis. The short-term technical structure of the silver remains positive until it slips below the ₹97,600 zone on a closing basis.

Crude oil is trading below its 21-day EMA with the subdued price action. The broader and short-term structure of the crude oil remains sideways to bearish with immediate resistance around ₹5,500. Unless crude reclaims this zone along with the 50-day EMA, the trend may remain sideways to bearish.

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