MCX Gold slips near ₹1.49 lakh, Silver falls below hourly EMAs; check trade setup for Oct 12

Market recap (as of 6:00 pm)

• Gold 4 Dec Futures: ₹1,49,208/ 10 gram (▼ 1.5%)
• Silver 4 Dec Futures: ₹2,23,177/ 1 kg (▼ 1.1%)
• Crude Oil 19 Oct Futures: ₹8,989/ 1 BBL (▲ 1.2%)

Technical outlook

MCX Gold Mini 5 November futures were near ₹1,48,591, having slipped back below the ₹1,49,802 support. Price is now below its 20 hour EMA and 50 hour EMA. Although the shorter average remains above the longer average, the latest decline shows that buying momentum has weakened.

The directional indicators favour sellers, with ADX at 23.49 pointing to developing trend strength, but does not yet confirm a strong downtrend. The near term structure has turned bearish after the breakout failed to hold. An hourly close above the ₹1,48,987–₹1,49,228 moving average zone would signal an initial improvement.

MCX Silver Mini 30 November futures were near ₹2,26,156, below the marked ₹2,26,622 level after pulling back from around ₹228,000. The contract is trading below its 20 hour EMA and 50 hour EMA . These averages sit close to the marked resistance, making ₹2,26,500–₹2,26,650 an important hurdle for any rebound. However, ADX at 19.81 suggests limited trend strength.

Silver has a mildly bearish bias, but a strong downtrend is not established. A sustained hourly close above ₹2,26,650 would improve the recovery prospects, with the recent ₹2,28,000 area the next hurdle and ₹2,30,700 the broader resistance.

MCX Crude Oil 19 October futures were near ₹8,761, slightly below its 20 hour EMA and 50 hour EMA. Price remains above the descending trendline, but the recovery has struggled to sustain towards ₹9,000. The directional indicators are closely matched, while ADX at just 13.82 confirms the absence of a strong directional trend.

Crude remains sideways, with the recent recovery losing momentum. Reclaiming ₹8,775–₹8,787 would be an initial positive signal, while a move above the recent ₹8,900–₹9,000 highs would provide stronger confirmation.