MCX Gold hits record high surge above ₹1.11 lakh per 10 gram; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 3 Oct Futures: ₹1,11,541/ 10 gram (▲ 1.5%)
• Silver 5 Dec Futures: ₹1,32,100/ 1 kg (▲ 1.7%)
• Crude Oil 20 Oct Futures: ₹5,464/ 1 BBL (▼ 1.1%)

Technical view

Gold prices rallied by over 1.5% in Monday's session, surpassing the ₹111,000 mark on the MCX. Following eight consolidation sessions, the precious metal has regained bullish momentum, decisively breaching the immediate resistance level of ₹110,300. A strong bullish candle is forming on the daily chart, and as long as the key support zone of ₹1,08,600 is held, the uptrend is likely to remain intact.

Silver also opened the week strongly, surging past the immediate hurdle of ₹1,30,450 with gains of over 2%. The white metal is consolidating its morning rally and currently forming a bullish Marubozu candle on the daily chart, which reflects its robust underlying momentum. The breakout gained traction after silver formed an inside candle on 18 September, retesting its crucial support zone of ₹1,26,000. Unless it breaches this support on the downside, the bullish outlook remains positive.

Crude oil, however, continues to remain under pressure. It failed to remain above the trendline resistance connecting the July and September swing highs, and formed a shooting star candlestick pattern on 18 September. This was confirmed by a bearish close on 19 September, which reinforced weakness in the price action.

On Monday, crude oil prices extended their decline, trading below both the 21-day and 50-day exponential moving averages, signalling short-term weakness. Traders should closely monitor the immediate support zone at ₹5,400, as a sustained break below this level on a closing basis could lead to further downside.

Disclaimer:

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