MCX Gold future trade flat, Silver gain momentum; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 Dec Futures: ₹1,27,612/ 10 gram (▼ 0.11%)
• Silver 5 Dec Futures: ₹1,66,031/ 1 kg (▲ 0.6%)
• Crude Oil 18 Dec Futures: ₹5,256/ 1 BBL (▲ 1.2%)

Technical view

MCX Gold December futures are trading flat and facing resistance near the falling trendline and the ₹1,26,000 supply zone. It is currently above the 21-day exponential moving average (EMA), which maintains a positive outlook. However, a breakout above the ₹1,26,000–₹1,26,500 range is needed to confirm continuation of the bullish trend. Failure to break out of this range could result in gold remaining in a sideways phase.

MCX Silver December futures rose by 1.5%, regaining momentum as prices bounced back sharply from the 21-day exponential moving average (EMA) and tested the resistance of the falling trendline near the ₹1,63,500–₹1,64,500 zone. The trend remains positive above the ₹1,55,000 support level, with the short-term moving averages continuing to slope upwards. However, a clean breakout above the trendline resistance is still required to confirm continuation of the bullish trend towards ₹1,68,000.

MCX Crude oil futures gained 1%, but continue to trade firmly within the tight consolidation zone of ₹5,200–₹5,450. The price is currently hovering around the 21-day and 50-day EMAs, indicating ongoing volatility with no clear direction yet. A breakout above ₹5,450 could lead to further increases, while a close below ₹5,200 could indicate renewed weakness. Until then, crude remains range-bound with a neutral bias.

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