MCX Gold rises for fourth straight day, MCX Crude fall on easing US-Iran conflict

Market recap (as of 7:00 pm)

• Gold 5 June Futures: ₹1,52,918/ 10 gram (▲ 1.4%)
• Silver 5 May Futures: ₹2,40,501/ 1 kg (▼ 0.1%)
• Crude Oil 20 April Futures: ₹9,288/ 1 BBL (▼ 2.9%)

Technical outlook

MCX Gold has extended its recovery and is now approaching the key resistance zone of ₹1,52,700. Price action indicates a rounding bottom/recovery structure, with consistently higher lows and the price moving above the short-term averages. The rising ADX indicates strengthening upside momentum. Short-term traders should monitor the price action between 20 and 50 hourly EMAs for further clues.

Silver saw sideways-to-positive price action, stabilising above ₹2,36,000 after a recovery from recent lows. The structure is evolving into a base formation with higher lows, but price continues to face resistance near ₹2,40,000. Moving averages are flattening, indicating transition from downtrend to range. Meanwhile, the ADX is picking up slightly, suggesting early signs of trend development. For further clues, monitor the price action between ₹2,30,000 and ₹2,36,000 zone. A reversal or breakdown from this zone will provide further directional clues.

MCX Crude oil slipped today and witnessed significant volatility around ₹10,000 zone. The price has slipped below its 20 and 50 hourly moving averages, indicating change in the short-term momentum. Despite the decline, the broader structure remains positive as crude continues to hold above its rising trendline. Short-term traders should watch the immediate resistance zone of ₹9,500. As long as Crude sustains below this zone, the trend may become rangebound with immediate support around ₹8,100. A close above the resistance zone will signal change in momentum in favour of bulls.

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