MCX Gold trade higher while Silver falls over 2%; Check today’s trade setup and key technical levels

Market recap (as of 5:00 pm)

• Gold 5 Aug Futures: ₹98,378/ 10 gram (▲ 0.3%)
• Silver 5 Sept Futures: ₹1,09,722/ 1 kg (▼ 2.7%)
• Crude Oil 19 Aug Futures: ₹6,099/ 1 BBL (▼ 1.2%)

Technical view

Gold prices slipped towards its 21-day exponential moving average and took support around the lower trendline of the rising wedge pattern. The technical structure of the gold remains at the crucial juncture. For short-term clues, traders can monitor the range of ₹98,900 and ₹97,300. A break of this range will provide further directional clues.

Silver prices dropped over 2% and broke the three day consolidation on the daily chart. In our previous blog, we highlighted to our readers to monitor the range of ₹1,16,637 and ₹1,12,457. It slipped below the immediate support zone of ₹1,12,457 and slipped below 21-day EMA. Unless it reclaims the crucial support zone of ₹1,12,457, the trend may remain bearish.

Crude oil witnessed profit-booking after rising nearly 9% in the previous three sessions. It is forming an inside candle on the daily chart, indicating consolidation at higher levels. For short-term clues, traders can monitor the immediate support zone of ₹6,000. Unless crude slips below this zone on a closing basis, the trend may remain bullish.

Disclaimer:

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