MCX Gold trades above ₹1.55 lakh per 10 gram, while crude oil remain rangebound; check today’s trade setup

Market recap (as of 1:00 pm)

• Gold 5 Oct Futures: ₹1,55,450/ 10 gram (▲ 0.6%)
• Silver 4 Sept Futures: ₹2,38,000/ 1 kg (▲ 0.8%)
• Crude Oil 19 Aug Futures: ₹7,842/ 1 BBL (▼ 0.3%)

Technical outlook

MCX Gold price action remains positive as the contract is holding near the higher zone around ₹1,55,200 after a strong up-move. The price is trading above both the 20-EMA and the 50-EMA, which keeps the short-term structure bullish. The immediate resistance is placed around ₹1,55,835, while ₹1,51,548 remains the key support zone. The ADX is around 27.86, indicating that the trend has moderate strength. A sustained move above ₹1,55,835 can extend the rally, while a move below ₹1,51,548 can weaken the structure.

MCX Silver witnessed a strong recovery and moved higher towards ₹2,38,616, after taking support near the lower zone. The price is now trading above the 20-EMA and the 50-EMA, which shows that short-term momentum has turned positive again.

The immediate resistance is placed around ₹2,40,600, while ₹2,34,539 is the key support zone. The ADX is around 20.73, suggesting that the trend strength is still moderate and not very strong yet. A close above ₹240,600 can open the door for further upside, while a fall below ₹234,539 can again put pressure on the metal.

MCX Crude Oil remained rangebound near ₹7,836 and continued to consolidate after the recent recovery. The price is hovering around the 20-EMA and just above the 50-EMA, which shows lack of clear directional momentum. The immediate resistance is placed around ₹8,246, while ₹7,543 remains the key support zone. The ADX is around 11.73, indicating a weak trend and sideways price action. A breakout above ₹8,246 can improve the bullish setup, while a close below ₹7,543 can weaken the trend.

Disclaimer:

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