MCX Gold futures surge past ₹1.15 lakh per 10 gram, Silver above ₹1.42 lakh per kg; check today’s trade setup

Market recap (as of 6:00 pm)

• Gold 3 Oct Futures: ₹1,15,085/ 10 gram ▲ 1.1%)
• Silver 5 Dec Futures: ₹1,42,912/ 1 kg (▲ 0.7%)
• Crude Oil 20 Oct Futures: ₹5,729/ 1 BBL (▼ 1.7%)

Technical view

Gold prices opened on a bullish note on Monday, zooming past the ₹1,15,000 mark. Following this strong start, the price has remained above the opening level and is forming a bullish candle on the daily chart. Traders can monitor the immediate support zone of ₹1,14,100 for short-term clues. A close below this support zone would be the first sign of weakness.

Silver started Monday's session strongly, breaking above the ₹1,40,000 mark and surpassing the previous session's high, a sign that bullish momentum remains intact. It is trading above the key short-term exponential moving averages (21 and 50 EMA), which reinforces the positive bias. However, despite the strong start, the short-term outlook remains uncertain from a risk-reward perspective.

Crude oil is sustaining the bullish momentum after breaking out from the descending triangle pattern and is currently consolidating above the 21 EMA (₹5,643) and the 50 EMA (₹5,591). However, it formed a doji candle on the daily chart on 26 September, indicating indecision. For short-term clues, traders can monitor the pullback around the immediate support zone of 21 EMA. A rejection or rebound from this zone will provide further directional clues.

Disclaimer:

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