MCX Gold inside bar pattern indicates consolidation, Crude Oil trades in a narrow range

Gold 5 June Futures: ₹95,690 (▲0.5%) Silver 4 July Futures: ₹98,026 (▲0.5%) Crude Oil 18 June Futures: ₹5,261 (▲1.5%) (As of 16:02 pm)

Gold: The precious metal rebounded on Wednesday, with June gold futures trading at around $3,345 per ounce — an increase of 0.5%.. However, overall sentiment remains weak amid investors' improved appetite for risk and equities after U.S. President Donald Trump postponed plans to impose steep tariffs on the European Union. Meanwhile, silver prices also rose 0.5% at $33.4 per troy ounce in the futures market.

Crude oil: International crude oil futures were trading marginally higher today, with Brent futures at around $63.6 (up 0.08%), while WTI crude was up 0.15%, at around $60.9. Oil prices rose after the U.S. barred Chevron from exporting Venezuelan crude oil under new authorisation targeting the company's assets in the country. However, expectations of increased OPEC+ output continued to cap crude oil gains.

Silver Prices protected the crucial support zone of ₹97,600 zone on a closing basis along with its crucial daily exponential moving averages like 21, 50 and 200. It formed a hammer candlestick pattern on the daily chart. In the upcoming sessions, traders can monitor the high of 27 May and support zone of ₹97,600. A close above the high of 27 May will confirm the bullish reversal pattern. Conversely, a close below ₹97,600 will signal weakness.

Crude oil extended the consolidation for the fifth day in a row between the narrow range of 5,300 and 5,100. The broader structure of the crude remains sideways to bearish with oil prices still trading below its 21-day and 50-day exponential moving averages (EMAs). Unless the crude reclaims either a 21-day or 50-day EMA, the broader trend may remain weak.

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