MCX Gold trades 1.5% higher near ₹1.6 lakh per 10 gram, while MCX Silver jumps over 8%; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Feb Futures: ₹1,58,355/ 10 gram (▲ 1.4%)
• Silver 5 March Futures: ₹3,63,293/ 1 kg (▲ 8.5%)
• Crude Oil 19 Feb Futures: ₹5,650/ 1 BBL (▲ 0.3%)

Technical view

MCX Gold remains in a strong bullish trend following a sharp breakout to new record highs of around ₹1,59,000. Prices are holding decisively above the 21-day and 50-day exponential moving averages (EMA), which highlights strong medium to long-term momentum. However, short-term overextension suggests that consolidation or mild profit-taking cannot be ruled out near the ₹1,60,000–₹1,61,000 zone. On the downside, the recent breakout area around ₹1,50,000–₹1,48,500 provides immediate support

MCX Silver is still in a strong bullish trend following a sharp rise to new record highs of around ₹3,60,000. Prices are holding well above the 21-day and 50-day EMAs, indicating strong momentum on the daily chart. However, the steep rally indicates short-term overextension. So some consolidation or mild profit-taking cannot be ruled out at higher levels. On the downside, the previous breakout zone at around ₹2,54,000 now provides immediate support

MCX Crude Oil has recovered from the ₹5,100 zone, but momentum remains mixed. It is struggling to decisively clear the ₹5,600 resistance zone. However, it is sustaining above the 21-day and 50-day exponential moving averages (EMAs), suggesting an improving near-term outlook. The lack of strong follow-through momentum indicates consolidation rather than a sustained breakout. Immediate support is at ₹5,440 on the downside, while a decisive close above ₹5,600 will revive bullish momentum.

Disclaimer:

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