MCX Gold rebounds amid US-Iran tensions, Crude oil extends rally; check today’s trade setup

Market recap (as of 1:00 pm)

• Gold 5 Aug Futures: ₹1,41,400/ 10 gram (▲ 0.7%)
• Silver 4 Sept Futures: ₹2,20,757/ 1 kg (▲ 1.4%)
• Crude Oil 20 July Futures: ₹7,769/ 1 BBL (▲ 5.5%)

Technical outlook

MCX Gold has rebounded from the ₹1,40,543 support zone and is now trading near ₹1,41,332. The bounce shows that buyers are trying to defend the support, but the price is still below both the 20-period and 50-period EMAs. The DMI setup remains negative, while ADX is near 46. This indicates that the broader downside trend remains strong despite the intraday bounce.

Silver has attempted a rebound after slipping below the ₹2,20,502 zone. The price is trading near ₹2,20,126 and is trying to move back towards the breakdown area. However, silver remains below both the 20-period and 50-period EMAs, which keeps the broader short-term trend weak. The DMI setup also remains bearish, with ADX near 37, showing that the trend still has strength.

MCX Crude oil remains the strongest chart for the second day in a row.After breaking out from the falling channel, the price has extended its move above the ₹7,382 level and is now trading near ₹7,670.

The price is well above both the 20-period and 50-period EMAs, confirming strong short-term momentum. The DMI setup also supports the bullish structure, with ADX near 33, this shows that the trend has 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.