MCX Gold, silver prices hit all-time high amid fall in US dollar and tariff worries; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 3 Oct Futures: ₹1,04,714/ 10 gram (▲ 0.8%)
• Silver 5 Sept Futures: ₹1,22,600/ 1 kg (▲ 1.8%)
• Crude Oil 19 Sept Futures: ₹5,716/ 1 BBL (▲ 1.1%)

Technical view

MCX Gold price hit a new record high and maintained its upward trend after breaking out on 29 August. A bullish candle formed on the daily chart, with prices trading above the breakout candle high, signalling follow-through of the breakout. However, it is important to note that gold prices have risen by almost 7% in the last week. Traders looking for short-term clues should monitor a pullback to around ₹1,02,500, or consolidation at higher levels. A retest of the breakout, supported by a bullish reversal candlestick pattern, could offer additional insights.

Silver prices maintained their upward momentum and surged past the psychologically important ₹1,20,000 mark. This confirmed the bullish hammer pattern seen on August 28, signaling continued strength in silver. For short-term direction, traders should watch the immediate support at ₹1,20,500. A retest and rebound from this zone can offer further guidance on market directions and provide valuable information about the next stage of the price movement.

Crude oil prices extended the consolidation for the five sessions in a row and are consolidating around the crucial support zones of 21-day and 50-day exponential moving averages (EMA). As shown on the chart below, the index is trading between the range of ₹5,700 and ₹5,500. A break above or below these levels will provide further directional clues.

Disclaimer:

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