MCX Gold future surge above ₹1.23 lakh per 10 gram, Silver hits ₹1.48 lakh; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 Dec Futures: ₹1,22,968/ 10 gram (▲ 1.5%)
• Silver 5 Dec Futures: ₹1,48,950/ 1 kg (▲ 2.1%)
• Crude Oil 20 Oct Futures: ₹5,576/ 1 BBL (▲ 1.7%)

Technical view

MCX Gold prices continued their historic rally, rising above ₹1.22 lakh per 10 gram and reaching a new all-time high. The precious metal remains firmly above the 21-day and 50-day exponential moving averages, which reinforces the dominant uptrend and confirms ongoing positive momentum.

However, following this accelerated surge from the ₹1,15,000 breakout zone, the risk-reward ratio for new long positions remains unfavourable. As long as the price continues to hold above the ₹116,000–₹117,000 region, now a key support zone, the broader bullish structure will stay intact. Any consolidation or retest of this zone should provide further clues.

Silver futures experienced a significant rally, crossing ₹1,48,500 mark and reaching new all-time highs. The price is decisively above all key exponential moving averages, with the 21-EMA at ₹1,37,190 and the 50-EMA at ₹1,28,173, which underlines robust bullish momentum. Silver's immediate support is now shifting towards the ₹1,38,000–₹1,40,000 region. As long as silver remains above this zone, the uptrend remains intact. However, traders should be mindful of short-term volatility following such sharp momentum.

Crude oil futures remain in a broad consolidation phase, with price action oscillating between strong support around ₹5,400 and resistance near the ₹5,800–₹5,850 zone. Momentum remains subdued as long as oil trades within this range, but a decisive move above ₹5,850 could trigger a trend reversal towards higher levels, while a break below ₹5,400 would open up further downside. For now, the near-term action is likely to stay choppy.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.