MCX Gold trades firmly above ₹1.35 lakh per 10 gram; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Feb Future: ₹1,35,224/ 10 gram (▲ 1.2%)
• Silver 5 March Future: ₹1,99,000/ 1 kg (▲ 3.1%)
• Crude Oil 18 Dec Future: ₹5,195/ 1 BBL (▼ 0.6%)

Technical view

MCX Gold February future opened Monday's session on a bullish note, building on the recent breakout and extending gains. This sustained momentum signals new buying interest following a period of consolidation, which reinforces the broader uptrend. Having said that, after the sharp upward movement, the risk-reward ratio for initiating new long positions is unfavourable at current levels. Short-term traders may look for pullbacks to identify better entry points. Immediate support is located near ₹1,31,300.

MCX Silver March future also started the Monday’s session on a strong note and are trading near the psychologically crucial ₹2,00,000 mark. This sharp rise in prices reflects strong follow-through buying and the continuation of the broader uptrend. However, after such a steep rally, the risk-reward ratio for new long positions appears unfavourable at current levels. Short-term traders may therefore look to take advantage of any pullbacks rather than chase prices. Immediate support is seen around ₹1,83,000 zone, while crucial support lies near ₹1,72,400.

MCX Crude Oil December future continued to trade within a narrow range, reflecting an absence of clear directional clues. Prices remain capped below the 21-day and 50-day exponential moving averages (EMAs), highlighting persistent selling pressure on rallies. The repeated failure to remain above the ₹5,350–₹5,400 zone and ₹5,150–₹5,180 acting as support, the decisive break on either side of this range could indicate the next directional move.

Disclaimer:

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