MCX Gold trade above ₹1.40 lakh, Crude Oil remain range-bound; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 Feb Futures: ₹1,42,905/ 10 gram (▼ 0.1%)
• Silver 5 March Futures: ₹2,89,751/ 1 kg (▼ 0.6%)
• Crude Oil 19 Feb Futures: ₹5,460/ 1 BBL (▲ 1.7%)

Technical view

MCX Gold prices remained firm near ₹1.43 lakh, maintaining their bullish structure The yellow metal remains comfortably above its key short- and medium-term moving averages, suggesting that the broader upward trend remains intact. The immediate support for the gold is around ₹1,40,500 zone, with a stronger base forming near ₹1,34,000. Unless gold slips below ₹1.40 lakh, the outlook remains positive.

MCX Silver maintained its upward trend and traded at around ₹2.65 lakh, reflecting robust momentum following the recent sharp rally. Prices remain well above key moving averages, signalling trend strength, although volatility remains high at these levels. The breakout zone around ₹2,50,000 has now become immediate support.. Staying above ₹2.50 lakh maintains a bullish outlook, even if short-term profit-booking emerges.

MCX Crude oil remains locked in a broad two-month consolidation. It attempted to bounce back, but failed to stay above the breakout zone of ₹5,400-₹5,440, suggesting that there is a continued supply at higher levels. Prices are drifting back towards the lower end of the range once again, maintaining a cautious short-term outlook. The ₹5,040 zone remains crucial support.On the upside, ₹5,400-₹5,440 continues to act as resistance.

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