MCX Gold rises over 2% to trade near ₹1.42 lakh, Silver jumps nearly 4% driven by weaker US dollar; check trade setup for Nov 4

Market recap (as of 4:00 pm)

• Gold 4 Dec Futures: ₹1,42,598/ 10 gram (▲ 2.2%)
• Silver 4 Dec Futures: ₹1,86,777/ 1 kg (▲ 3.9%)
• Crude Oil 19 Nov Futures: ₹9,084/ 1 BBL (▼ 0.2%)

Technical outlook

MCX Gold Mini 4 December futures are trading near ₹1,41,322, having rebounded from the ₹1,38,249. Price is above the 20 hour EMA (exponential moving average) and the 50 hour EMA, which points to improving short-term structure, although the 20 EMA is still below the 50 EMA, so the broader hourly trend has yet to fully turn. Meanwhile, ADX at 24.29 indicates an emerging trend with buyers in control.

A sustained move above ₹1,41,601 could turn the structure more bullish with immediate support at ₹1,38,249. However, an hourly close below ₹1,38,249 would weaken the recovery and shift the structure back to negative.

MCX Silver Mini 30 November futures are trading near ₹1,84,988. It is trading above the 20 hour EMA and just above the 50 hour EMA, so the structure is improving but price is only marginally clear of the broader average. Meanwhile, the ADX at 26.78 indicates a reasonably strong trend, although the narrow gap between the DI lines suggests the recovery still needs confirmation.

A sustained hourly close above ₹1,87,443 would open the way towards the next zone of ₹2,22,088, while an hourly close below ₹1,80,550 would undo the recovery and return the structure to negative.

MCX Crude Oil 19 November futures are trading near ₹9,102, after a sharp fall from the ₹9,900 area in early November and a break below the rising trendline. Price is below the 20 hour EMA and the 50 hour EMA, with the 20 EMA below the 50 EMA, which keeps the hourly structure negative. Meanwhile,the ADX at 45.11 indicates a strong trend with sellers in control.

A sustained hourly close above ₹9,378 would ease the selling pressure and point to a possible recovery, while continued trade below the hourly EMAs keeps the downside pressure intact.