MCX Gold prices surge to ₹1.6 lakh per 10 gram amid fall in the US dollar; check today’s trade setup

Market recap (as of 2:00 pm)

• Gold 5 Oct Futures: ₹1,61,620/ 10 gram (▲ 1.3%)
• Silver 4 Sept Futures: ₹2,47,328/ 1 kg (▲ 1.6%)
• Crude Oil 21 Sept Futures: ₹8,240/ 1 BBL (▼ 0.7%)

Technical outlook

MCX Gold price action remained strong as the contract extended its uptrend and traded near ₹1,60,890. The price is placed well above the 20-EMA and 50-EMA, showing that the short-term trend remains firmly in favour of buyers. The earlier breakout zone of ₹1,55,835 is now the key support area. As long as gold sustains above this level, the structure remains positive. The ADX is strong at 42.52, indicating that the trend has strength.

Silver price action remained positive as the contract continued to trade higher near ₹2,45,629 after crossing above the ₹2,41,999 resistance zone. The price is holding above the 20-EMA and 50-EMA, which keeps the short-term structure bullish. The earlier resistance of ₹2,41,999 may now act as immediate support, while the next upside zone will be watched around the recent high area. The ADX is strong at 42.08, showing that the current uptrend has momentum.

MCX Crude Oil price action remained range-bound near the upper zone as the contract traded around ₹8,278 after facing resistance near ₹8,404. The price is still above the key support of ₹8,170 and remains above both the 20-EMA and 50-EMA, which keeps the broader short-term structure supportive. However, the candles show some consolidation after the recent rise. A sustained move above ₹8,404 will be needed for fresh upside momentum, while a fall below ₹8,170 can weaken the setup. The ADX is at 20.88, suggesting moderate trend strength.

Disclaimer:

Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.