MCX Gold retreat from trendline resistance; Crude oil remains under pressure

Market recap (as of 6:00 pm)

• Gold 5 Dec Futures: ₹1,22,850/ 10 gram (▼ 0.58%)
• Silver 5 Dec Futures: ₹1,54,632/ 1 kg (▼ 0.8%)
• Crude Oil 19 Nov Futures: ₹5,322/ 1 BBL (▼ 0.3%)

Technical view

MCX Gold December futures fell by 0.3% after failing to sustain above the resistance band of ₹1,25,800–₹1,26,500. It formed a long-bodied bearish candle indicating clear rejection of the supply zone, pushing the price back towards the 21-day exponential moving average (EMA). Despite the pullback, the broader structure remains sideways to bullish as long as gold holds above the 50-day EMA. A break below the 50-day EMA zone will signal weakness.

Silver December futures on MCX are trading flat, unable to hold above the resistance zone of ₹1,58,000–₹1,60,000. The rejection from the descending trendline resulted in a mild pullback, taking prices back toward the 21-day EMA. Despite this pause, the broader structure remains constructive as long as silver holds above the 50-day EMA. However, a close below the short-term support zone near ₹1,53,500 would signal weakness and open the door for deeper retracement.

MCX Crude Oil November futures slipped 0.4%, continuing the weakness after repeated rejections near the descending trendline and the ₹5,400–₹5,510 resistance zone. Today’s mild decline keeps prices below both the 21-day and 50-day EMAs, reinforcing a short-term bearish bias. Despite the narrow range, crude remains vulnerable as long as it trades under the trendline. A close below ₹5,124, the key support, may open the door to further downside, while any recovery attempt is likely to face selling pressure near the EMAs.

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