MCX Gold hits fresh record high, can it sustain above ₹1,00,000 mark?; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 August Futures: ₹99,761/ 10 gram (▼ 0.5%)
• Silver 4 July Futures: ₹1,06,655/ 1 kg (▲ 0.1%)
• Crude Oil 21 July Futures: ₹6,127/ 1 BBL (▼ 0.5%)

Technical view

Gold prices fell after hitting a new record high, forming a bearish candle on the daily chart as investors took profits. However, the short-term trend remains bullish, with immediate support around the ₹99,200 zone. Unless the yellow metal closes below this zone, it may sustain the bullish momentum. Conversely, closing below this support zone would push gold prices back into the consolidation range of ₹100,000 and ₹95,600.

Silver maintained its bullish momentum during the first half of Monday's trading session, and is currently trading above the crucial support level of ₹1,03,600. Last week, it formed a doji candlestick pattern, indicating a pause or indecision. Traders can monitor the immediate resistance zone of ₹1,07,400 and the support zone of ₹1,03,600 for further clues. A close outside this range will provide further insights.

Crude oil prices surged by over 12% last week, forming a bullish candle on the weekly chart. Following a strong rally, profit-taking emerged at higher levels, with the price consolidating within Friday’s range. To identify short-term trends, traders can monitor the formation of the inside candle alongside the highs and lows of Friday's candle. A break above Friday's high would signal the continuation of bullish momentum. Conversely, closing below Friday's low would push oil prices to fill the gap formed on 13 June.

Disclaimer:

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