MCX Gold hits ₹1.8 lakh per 10 gram, Silver crosses ₹4 lakh per kg amid rising geopolitical tensions and weak US dollar

Market recap (as of 3:15 pm)

• Gold 5 Feb Futures: ₹1,76,431/ 10 gram (▲ 6.3%)
• Silver 5 March Futures: ₹4,06,900/ 1 kg (▲ 5.5%)
• Crude Oil 19 Feb Futures: ₹5,977/ 1 BBL (▲ 3.0%)

Technical view

Gold prices jumped over 5% and breached the ₹1,80,000 mark intraday, marking a biggest single day gain for the second consecutive day. The strong momentum comes with a decisive expansion and price is now steeply extended above the 21-day and 50-day exponential moving averages (EMAs). This reinforces strength but also signals short-term overbought conditions. Immediate support now lies near ₹1,60,000–₹1,58,000, followed by a stronger base around ₹1,50,000. As long as gold holds above these levels, the trend remains buy-on-dips. However, traders should be cautious of intraday volatility after such a vertical rally.

MCX Silver saw a powerful breakout and crossed the psychological mark of ₹4,00,000, marking a jump of over 5% in single session. In case of silver as well, the price has risen significantly above 21-day and 50-day EMAs, which highlights intense bullish momentum, but also indicates that the market is overbought in the short term. The crucial support for Silver has now shifted to ₹3,25,000– ₹3,30,000 zone. Unless Silver surrenders these zones on a closing basis the broader trend may remain bullish, although brief consolidation or volatility-driven pauses cannot be ruled out following such a sharp rise.

MCX Crude oil joined the rally of other commodities, decisively breaking out above the immediate resistance zone of ₹5,600. The price has also convincingly moved above the previous congestion zone of ₹5,400–₹5,450, which has now become a crucial support zone. The technical outlook for crude remains bullish unless it slips below its 50-day EMA on a closing basis. Until then, short-term traders may take advantage of the opportunity to buy on dips.

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