MCX Gold trade marginally higher above ₹1.44 lakh per 10 gram; check today’s trade setup

Market recap (as of 12:30 pm)

• Gold 5 Aug Futures: ₹1,44,524/ 10 gram (▲ 0.5%)
• Silver 4 Sept Futures: ₹2,26,287/ 1 kg (▲ 1.2%)
• Crude Oil 20 July Futures: ₹7,008/ 1 BBL (▼ 0.9%)

MCX Gold is trading with a weak bias. The price is near ₹1,43,795 and remains below the ₹1,44,784 resistance zone. It is also below both the 20-period and 50-period EMAs, which keeps the short-term structure negative. The DMI setup confirms bearish pressure, while ADX is near 33.5. This shows that the trend has strength and sellers still have the upper hand.

Silver remains under pressure and is trading near ₹2,24,000. The price has slipped below both the 20-period and 50-period EMAs, showing that the short-term trend has turned weak. On the upside, ₹2,37,000 remains the key resistance zone. Unless silver reclaims this level, the broader structure may remain weak. The DMI setup also supports the bearish view, while ADX is strong near 46. This shows that sellers still have control and the downside trend has strength.

MCX Crude oil rallied strongly above the ₹6,805 breakout zone and moved towards the ₹7,200 zone. However, today’s price action shows profit booking from higher levels, with the contract slipping back near ₹7,000.

Despite the pullback, crude oil is still trading above the key ₹6,805 support zone. The price is also above both the 20-period and 50-period EMAs, which means the broader short-term trend still remains positive.

The DMI setup also supports the bullish structure, while ADX is strong near 42. This indicates that trend strength remains high, though momentum has cooled after the recent sharp move.

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