MCX Gold price fall below ₹1.42 lakh per 10 gram, Crude oil trade in a range; check today’s trade setup

Market recap (as of 2:00 pm)

• Gold 5 Aug Futures: ₹1,41,335/ 10 gram (▼ 0.3%)
• Silver 4 Sept Futures: ₹2,18,760/ 1 kg (▼ 0.8%)
• Crude Oil 20 July Futures: ₹7,674/ 1 BBL (▲ 0.8%)

Technical outlook

Gold is trading near ₹1,41,220 and remains close to the important ₹1,40,543 support zone. The price is still below both the 20-period and 50-period EMAs, which keeps the broader short-term trend weak. Gold has been forming a narrow consolidation near support. This shows indecision, but the bias remains cautious as long as the price stays below the moving averages. The DMI setup also favours sellers. However, ADX is near 18.38, indicating low trend strength.

Silver remains under pressure and is trading near ₹2,19,315. The price is below both the 20-period and 50-period EMAs, which keeps the short-term structure weak. The immediate resistance is placed at ₹2,27,690. Unless silver moves above this level, the recovery may remain limited. On the downside, ₹2,15,249 is the key support to watch. The DMI setup also shows a weak trend, while ADX is near 16.49. This suggests that sellers still have an edge, but the trend strength is not very strong.

MCX Crude oil remains the strongest chart among the three commodities. After a sharp breakout above ₹7,382, the price is now consolidating near ₹7,650–₹7,700. The price remains above both the 20-period and 50-period EMAs, which keeps the short-term trend positive.

However, the pause after the recent rally, suggests that crude may be taking a breather before the next move. The DMI setup remains positive, with ADX near 22.27, which shows that trend strength has cooled but the bullish structure is still intact.

Disclaimer:

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