MCX Gold pulls back from all-time high zone, Crude oil retest ₹5,800 breakout level; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 3 Oct Futures: ₹1,00,700/ 10 gram (▼ 0.6%)
• Silver 5 Sept Futures: ₹1,14,636/ 1 kg (▼ 0.3%)
• Crude Oil 19 Aug Futures: ₹5,817/ 1 BBL ▲ 1.2%)

Technical view

Gold October futures are trading within a rising wedge pattern, consistently respecting the upper resistance and lower support trendlines. After reaching the upper boundary at around ₹1,02,000, the price was rejected and is currently consolidating. However, the broader trend remains positive, with the 21 EMA (₹99,497) and the 50 EMA (₹98,466) continuing to provide dynamic support. A decisive breakout above ₹102,000 could signal continuation of the bullish trend, while a close below ₹99,000 may suggest weakening short-term momentum.

MCX Silver September futures are trading in a steady uptrend, supported by higher lows along the rising trendline. After testing support near the lower end of the trendline and the 50 EMA (₹109,069), it rebounded, suggesting support-based buying. However, it is currently encountering resistance in the region of ₹115,500–₹116,000. A strong close above this resistance band could trigger a fresh rally, whereas sustained trading below ₹112,000 could signal profit-taking.

Crude oil August futures has now slipped towards the breakout zone of ₹5,800 and has retested the level along with its 50 EMA.The price action is currently forming an inside candle on the daily chart. A sustained move above ₹5,850 and a close above 21 EMA will reignite bullish momentum. Meanwhile, a close below 50 EMA and ₹5,700 may lead to a retest of lower trendline support near ₹5,600.

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