MCX Gold slides over 12%, Silver tumble over 27% amid high volatility; check details

Market recap (as of 7:30 pm)

• Gold 5 Feb Futures: ₹1,49,075/ 10 gram (▼ 12%)
• Silver 5 March Futures: ₹2,91,922/ 1 kg (▼ 27%)
• Crude Oil 19 Feb Futures: ₹5,932/ 1 BBL (▼ 1.6%)

Technical view

MCX Gold saw sharp and volatile price movements on 29 January, marking a clear shift from the strong trend seen in recent sessions. After opening strongly, prices attempted to extend the rally, but came under pressure from aggressive selling near higher levels. This resulted in a long upper and lower wick on the daily candle, reflecting indecision. However, despite the sell-off it is still trading above the 21-day and 50-day exponential moving averages (EMAs). These sharp and volatile movements reflect exhaustion and the likelihood of consolidation in the near-term.

MCX Silver also witnessed extreme intraday volatility, mirroring gold but with much sharper downside. After a strong vertical rally, prices witnessed aggressive profit booking from higher levels, correcting over 12%. The move signals clear exhaustion after a parabolic rise, as sellers stepped in decisively near the highs. The magnitude of today’s fall highlights elevated risk in the near term for short-term trading opportunities. However, the broader trend remains bullish, with prices still holding comfortably above the 21-day and 50-day EMAs.. As long as silver holds above these zones, the larger uptrend remains intact.

MCX Crude oil is consolidating near higher levels after a sharp breakout, indicating strength beneath the surface despite mild profit-taking. It is forming an inside candle on the daily chart, suggesting the market is absorbing supply rather than reversing.

From a trend perspective, crude continues to trade above the 21-day and 50-day EMAs, which are now turning up and acting as crucial supports. The ₹5,440–₹5,400 zone remains a main support area. As long as prices hold above this band, the near-term bias stays positive.

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