MCX Gold fall over 1% to trade around ₹1.40 lakh per 10 gram, Silver down over 2.5%; check today’s trade setup

Market recap (as of 12:00 pm)

• Gold 5 Aug Futures: ₹1,40,615/ 10 gram (▼ 1.3%)
• Silver 3 July Futures: ₹2,21,200/ 1 kg (▼ 2.5%)
• Crude Oil 20 July Futures: ₹6,620/ 1 BBL (▲ 0.05%)

MCX Gold remains the weakest chart. The price has slipped towards ₹1,40,941 and is now very close to the key ₹1,40,543 support level. It is also trading below both the 20- and 50-period EMAs, keeping the short-term structure negative. However, in the near-term the structure has also become oversold.

However, the DMI setup favours sellers, with -DI clearly above +DI. ADX is near 19, which means bearish pressure is present, but the trend is not very strong yet.

MCX Silver has slipped towards ₹2,21,000 after failing to sustain near the ₹2,28,162 resistance zone. The price has moved back below its short-term EMAs, which weakens the recent recovery attempt. The immediate resistance remains at ₹2,28,162. Unless silver reclaims this level, the upside may remain capped. On the downside, ₹2,10,043 is the key support zone.

The DMI setup is mixed. -DI is slightly above +DI, while ADX is above 30. This suggests that momentum is present, but the direction has turned uncertain after the latest pullback.

MCX Crude oil is trading near ₹6,636 after a muted session. The price remains below the ₹6,820 resistance zone and is also hovering below the 20- and 50-period EMAs. This shows that the recovery is still lacking strength. The immediate support is placed at ₹6,497. As long as crude holds above this level, the downside may remain limited.

The DMI setup is slightly negative, with -DI above +DI. However, ADX is near 13, which shows that the trend strength is weak and crude may remain rangebound unless there is a clear breakout.

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