MCX Gold trades above ₹1.53 lakh, Brent Crude surge to $100/ barrel despite extension in the US-Iran ceasefire

Market recap (as of 3:30 pm)

• Gold 5 June Futures: ₹1,53,207/ 10 gram (▲ 1.0%)
• Silver 5 May Futures: ₹2,49,090/ 1 kg (▲ 1.7%)
• Crude Oil 18 May Futures: ₹8,534/ 1 BBL (▲ 1.1%)

Technical view

MCX Gold witnessed a sharp intraday decline towards the crucial 1,51,400 support, followed by a modest bounce that lacked conviction. Prices remain below key moving averages, highlighting weak momentum, with ADX at 14.1 reinforcing a non-trending, rangebound environment. A decisive break below 1,51,400 could trigger further downside, while any meaningful recovery would require a sustained move above 1,53,300.

Silver traded with a sideways to slightly bearish bias as prices failed to sustain above the 20 and 50 EMA cluster near 2,50,000–2,51,500, indicating selling pressure on minor pullbacks. The structure continues to reflect lower highs after the sharp rejection from 2,62,900, while ADX at 13.6 signals weak trend strength and choppy price action. Unless the price reclaims the EMA zone decisively, the bias remains sell-on-rise within a broader range.

MCX Crude oil has shown relative strength by rebounding from the 7,550 support level and forming higher lows. This indicates early signs of recovery. Prices have moved above the short-term EMAs, which suggests that near-term momentum is improving, although the broader structure remains capped below 9,080. With the ADX still below trending levels at 18.5, the move appears to be a recovery within a range rather than a confirmed uptrend.