MCX Gold trades lower around ₹1.6 lakh per 10 gram, Crude oil fall over 2%; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Aug Futures: ₹1,60,150/ 10 gram (▼ 0.4%)
• Silver 3 July Futures: ₹2,67,300/ 1 kg (▼ 0.8%)
• Crude Oil 18 June Futures: ₹8,334/ 1 BBL (▼ 2.3%)

Technical view

MCX Gold futures slipped to around ₹1,56,000, down 0.1% for the session. The price attempted a recovery from the ₹1,54,500 support zone but failed to sustain above the short-term moving averages. Gold is now trading below the 50-hour MA near ₹1,57,141. This shows that the short-term structure has weakened after several sessions of sideways movement. As long as gold remains below the ₹1,57,000–₹1,57,500 zone, the trend may remain bearish. On the downside, ₹1,54,500 remains the immediate support.

Silver futures traded around ₹2,63,738, down 0.3% for the session. The price has once again slipped towards the important support zone near ₹2,64,540. The price is now trading below both the 50-hour MA near ₹2,69,608, indicating short-term weakness. If silver fails to reclaim ₹2,66,500–₹2,70,000, the risk of further downside remains. A decisive break below ₹2,64,540 can drag prices lower, while ₹2,82,755 remains the major resistance on the upside.

MCX Crude oil futures continued to trade with a weak bias and were seen around ₹8,466, down 0.11% for the session. The commodity remains below its key moving averages, with the 20-hour MA near ₹8,563 and the 50-hour MA near ₹8,716. The price is making lower highs and lower lows, which keeps the short-term trend negative. The next major support remains around ₹8,210. A break below this zone can extend the fall further.

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