MCX Gold, Silver trade near record high levels, Crude oil decline; check today’s trade setup

Market recap (as of 3:00 pm)

• Gold 5 Feb Futures: ₹1,36,809/ 10 gram (▲ 0.7%)
• Silver 5 March Futures: ₹2,44,230/ 1 kg (▲ 3.5%)
• Crude Oil 16 Jan Futures: ₹5,176/ 1 BBL (▼ 0.9%)

Technical view

MCX Gold February futures were trading firmly in green, building on recent gains following a period of profit-taking. Prices remain comfortably above the key breakout zone of ₹1.34 lakh and are supported above the 21-day EMA, which indicates that the broader uptrend is intact. The price action reflects consolidation at elevated levels rather than exhaustion, with buyers stepping in during periods of correction. As long as gold remains above ₹1.34 lakh, the bullish momentum is likely to persist.

MCX Silver March futures rebounded sharply today, recovering strongly following the recent volatile correction. This highlights ongoing aggressive buying interest, with prices once again trading well above key moving averages. Although silver remains structurally bullish, the sharp two-way movements emphasise elevated volatility at higher levels. Provided silver remains above the ₹2.00–₹1.98 lakh support zone, the broader uptrend will remain intact, although sharp intraday swings are likely to persist.

MCX Crude oil January futures were subdued today, continuing the sideways consolidation that has persisted for almost two months. Prices continue to trade below the 21-day and 50-day EMAs, reflecting a lack of sustained buying interest and ongoing selling pressure during rallies. The price action reflects range-bound trading rather than a directional trend, with market participants awaiting a clear trigger. While crude remains capped below the ₹5,300–₹5,350 zone, the bias is likely to remain sideways to mildly bearish, with immediate support located near ₹5,030–₹5,050.

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