MCX Gold trade 1.4% lower, Silver down over 3%; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Feb Futures: ₹1,37,900/ 10 gram (▼ 1.4%)
• Silver 5 March Futures: ₹2,34,048/ 1 kg (▼ 3.0%)
• Crude Oil 16 Jan Futures: ₹5,257/ 1 BBL (▲ 1.4%)

Technical view

MCX Gold February futures saw sharp profit booking in Monday's session after hitting new record highs. Despite this pullback, prices are still trading above the key breakout zone of ₹1,34,000, supported by the 21-day exponential moving average (EMA). This suggests that the broader uptrend remains intact. The price action indicates a healthy pause following the sharp rally, rather than any sign of a trend reversal. As long as gold remains above the ₹1,33,000–₹1,34,000 zone, the bullish structure is likely to remain intact.

MCX Silver March futures saw sharp profit-booking in today’s session after the recent parabolic move. Despite the pullback, the broader trend remains bullish, with prices still trading well above the prior breakout area and key short-term moving averages. The price action suggests exhaustion after an extended upside run rather than a trend reversal. As long as silver holds above the ₹2.00–₹1.98 lakh zone, the bullish structure is likely to remain intact, with deeper support seen near ₹1.72 lakh.

MCX Crude Oil January futures traded marginally higher but continued to remain range-bound, reflecting a lack of strong directional conviction. Prices are still capped below the 21-day and 50-day EMAs, indicating that selling pressure persists on higher levels. The price action suggests a technical bounce from the lower end of the range rather than a trend reversal. As long as crude oil remains below the ₹5,300–₹5,350 zone, the broader bias is likely to stay sideways to bearish, with immediate support placed near ₹5,030–₹5,050.

Disclaimer

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