MCX Gold trades around ₹1.51 lakh, Brent Crude oil surge to $104 per barrel; check today trade setup

Market recap (as of 3:30 pm)

• Gold 5 June Futures: ₹1,51,568/ 10 gram (▼ 0.7%)
• Silver 5 May Futures: ₹2,40,509/ 1 kg (▼ 3.1%)
• Crude Oil 18 May Futures: ₹8,907/ 1 BBL (▲ 2.1%)

Technical view

MCX Gold continues to trade weak and range-bound with a slight bearish tilt, failing to sustain above the 1,53,000–1,54,000 zone. Price is now hovering just above key support at 1,51,400, which becomes crucial. A breakdown below this could accelerate selling towards 1,50,500 levels. Meanwhile, the ADX around 22 indicates a developing move, but not a strong trend yet. Until gold reclaims 1,53,000 decisively, rallies are likely to face selling pressure, keeping the short-term bias cautious to negative.

Silver remains under pressure with a clear breakdown structure, forming lower highs and trading below both key moving averages. The recent rejection near 2,50,000–2,52,000 reinforces the bearish bias, while ADX picking up suggests the downtrend is gaining traction. As long as price stays below 2,48,000, the bias remains negative, with downside support emerging towards 2,36,500.

MCX Crude continues to build strength with a steady higher-high, higher-low structure and is now approaching the key resistance zone near 9,080–9,100. Price is comfortably trading above both the 20 and 50 EMA, while ADX near 36 signals a trend in place. Momentum clearly remains with the bulls, but the immediate trigger is a decisive breakout above 9,100. On the downside, 8,750–8,800 now acts as immediate support. Any dip towards this zone could see buying interest, keeping the trend intact unless this level breaks.

Disclaimer:

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