MCX Gold prices rebound from 21 EMA support, while Crude sustains momentum; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 August Futures: ₹98,408 (▲ 1.7%)
• Silver 4 July Futures: ₹1,05,695 (▲ 0.2%)
• Crude oil 18 June Futures: ₹5,782 (▲ 0.8%)

Technical view

Gold prices rebounded from the crucial support zone of 21-day exponential moving average and are currently trading above the high of the previous three sessions. However, the broader structure of the gold remains range-bound between the crucial resistance zone of ₹1,00,000 and the immediate support of ₹95,600. Unless the gold breaks this range on a closing basis, the trend may remain sideways.

Silver prices extended the profit-booking for the second consecutive session and re-tested the breakout zone of ₹1,03,600 zone. It is currently forming a doji candlestick pattern on the daily chart and consolidating at higher levels. Unless silver slips below the support zone of ₹1,03,600, the trend may remain positive.

Crude oil started the session on a positive note and sustained bullish momentum. It formed a bullish engulfing pattern on the daily chart during yesterday’s session and has witnessed profit booking at higher levels in today’s session. Meanwhile, the short-term technical structure of the crude remains positive with immediate support around ₹5,500 zone.

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