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  5. MCX Gold trades lower around ₹1.49 lakh, Crude Oil jump over 1% as Iranian attack on tankers continues; check trade setup for Oct 7

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MCX Gold trades lower around ₹1.49 lakh, Crude Oil jump over 1% as Iranian attack on tankers continues; check trade setup for Oct 7

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By Kshitiz Bhutani

3 min read | Updated on October 07, 2026, 15:25 IST

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SUMMARY

MCX commodity analysis for October 7, 2026 shows a weak bias in gold and silver, while crude oil’s recovery faces resistance near EMA50. Low ADX readings across all three suggest limited trend strength.

MCX_Gold-silver-price-October-07

MCX Crude Oil October 19 futures stood at ₹8,668, above EMA 20, but just below EMA 50.

Market recap (as of 3:00 pm)

  • Gold 4 Dec Futures: ₹1,49,450/ 10 gram (▼ 0.4%)
  • Silver 4 Dec Futures: ₹2,24,782/ 1 kg (▼ 1.1%)
  • Crude Oil 19 Oct Futures: ₹8,696/ 1 BBL (▲ 0.7%)
Gold: The yellow metal is trading lower in the international market as Gold spot prices traded around $4,145 per ounce, down 1.1%. Meanwhile, Silver traded 1.7% lower at $60.4 per ounce in the US markets. Gold prices dropped today, weighed down by a stronger dollar, while investors geared up for minutes from the Federal Reserve’s latest meeting which could offer clues into the trajectory of US interest rates.
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Crude oil: International crude oil prices are trading higher, with Brent Futures trading around $101.6 per barrel, up 1.0%, while WTI Crude traded 0.3% higher, around $89.7. Oil prices are trading above $100 per barrel after yesterday’s brief fall amid increased Iranian strikes against tankers passing through the Strait of Hormuz.

Technical outlook

MCX Gold Mini November 5 futures stood at ₹1,48,515, below EMA20 and EMA50. EMA20 remains below EMA50, keeping the hourly bias weak, while ADX of 11.76 shows little directional conviction.

Sustained hourly closes above the EMA area would improve the recovery setup, with resistance at ₹1,49,802. Failure to reclaim the averages would preserve the weak bias with next support around ₹1,47,162.

GOLDM-05NOV26-FUT_2026-10-07_13-45-12.webp

MCX Silver Mini November 30 futures stood at ₹2,27,565, below EMA20 and EMA50. Bearish EMA alignment and negative price action , favour sellers. However, ADX of 13.92 does not confirm a strong downtrend.

Reclaiming and holding above both averages would strengthen the recovery assessment. The resistance is ₹2,30,700, while ₹2,25,797 is support. A sustained support break accompanied by rising ADX would strengthen the bearish case.

SILVERM-30NOV26-FUT_2026-10-07_13-49-52.webp

MCX Crude Oil October 19 futures stood at ₹8,668, above EMA20, but just below EMA50. The EMA20 remains below EMA50, and ADX of 16.34 leaves the recovery unconfirmed. If crude sustains above

EMA50 would improve the structure. Losing EMA20 would weaken the rebound, bringing the ₹8,529–₹8,478 support zone into focus.

CRUDEOIL-19OCT26-FUT_2026-10-07_13-50-12.webp
Technical note: The 20-EMA reflects short-term price momentum, while the 50-EMA indicates the broader hourly trend. Price above both averages, particularly when the 20-EMA is above the 50-EMA, supports a positive structure; the reverse indicates a negative structure. In the DMI, +DI above -DI signals positive directional pressure, while -DI above +DI signals negative pressure. ADX measures trend strength rather than direction: readings below 20 generally indicate a weak or range-bound market, 20–25 suggest an emerging trend, and readings above 25 indicate a stronger trend. These indicators should be interpreted together with the stated support, resistance and confirmation levels.
Disclaimer: Derivatives trading must be done only by traders who fully understand the risks associated with them and strictly apply risk mechanisms like stop-losses. The information is only for the client's consumption, and such material should not be redistributed. We do not recommend any particular stock, securities, or strategies for trading. The securities quoted are exemplary and are not recommendatory. The stock names mentioned in this article are purely to show how to do analysis. Take your own decision before investing.

About The Author

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Kshitiz Bhutani is a derivatives trader and equity research analyst with over six years of experience in capital markets. His areas of expertise include derivatives strategies, technical analysis, pattern-based trading, equity research and market analysis.

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