MCX Gold trades at ₹1.50 lakh per 10 gram, crude oil holds above ₹8,500 as US-Iran war escalates; check today's trade setup

Market recap (as of 3:00 pm)

• Gold 5 Oct Futures: ₹1,50,200/ 10 gram (▼ 1.0%)
• Silver 4 Dec Futures: ₹2,32,848/ 1 kg (▼ 1.1%)
• Crude Oil 21 Sept Futures: ₹8,583/ 1 BBL (▲ 0.5%)

Technical outlook

MCX Gold price action remained weak as the October contract traded near ₹1,50,697. The price is below the hourly 20-EMA and the 50-EMA, keeping the hourly structure in favour of sellers. The ₹1,50,000 zone is the key nearby support, while resistance is placed near ₹1,51,548 and then the 20-EMA. The ADX at 52.76 indicates a very strong prevailing downtrend. A sustained fall below ₹1,50,000 would confirm further weakness, while a recovery above ₹1,52,117 would weaken the bearish setup.

Silver price action remained under pressure as the December contract traded near ₹2,33,668. The price is below the hourly 20-EMA and the 50-EMA, which keeps the hourly bias negative. Important support is placed near ₹2,32,448, while resistance is seen at ₹2,35,700 and then the 20-EMA. Meanwhile, the ADX at 38.47 indicates a strong bearish trend despite the intraday bounce. A sustained fall below ₹2,32,448 can extend the decline, while a recovery above ₹2,36,071 would improve the setup.

MCX Crude Oil price action remained positive as the September contract traded near ₹8,555. The price is above the 20-EMA and the 50-EMA, keeping the hourly structure in favour of buyers. Immediate resistance is placed in the ₹8,610-₹8,635 zone, while support is seen near ₹8,427 and then ₹8,293. Additionally, the ADX at 37.56 indicates a strong prevailing uptrend. A sustained move above ₹8,635 can confirm further upside, while a fall below ₹8,427 would weaken the positive setup.

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