MCX Gold tests 21-day EMA; breaks below ₹94,000 may signal further weakness; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 June Futures: ₹96,335 (▲ 0.4%)
• Silver 4 July Futures: ₹97,888 (▲ 0.6%)
• Crude Oil 18 June Futures: ₹5,265 (▼ 0.7%)

Technical View

Gold prices slipped towards its 21-day exponential moving average (EMA) on MCX and is trading below the previous session’s low. It formed a doji candlestick pattern on the daily chart and has slipped towards its crucial support zone of 21-day EMA. For the upcoming sessions, short-term traders can monitor the crucial support zone of ₹94,000 zone. A close below this zone will signal fresh weakness. Conversely, a break above ₹96,500 will signal further bullish momentum.

Silver prices rebounded from the crucial support zone of its all crucial exponential day moving averages like 21, 50 and 200 and is protecting crucial support zone of ₹97,600. Unless Silver surrenders crucial 21-day and 50-day EMAs and ₹97,600, the trend may remain positive.

Crude prices jumped towards its 50-day EMA and faced resistance around the crucial resistance zone. The broader structure of the crude remains sideways to bearish with immediate resistance around 5,500 and 50-day EMA. Unless the crude reclaims these crucial resistance levels, the trend may remain sideways to bearish.

Disclaimer:

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