MCX Gold trades lower, Silver near ₹2 lakh per kg; check today’s trade setup

Market recap (as of 3:00 pm)

• Gold 5 Feb Futures: ₹1,34,366/ 10 gram (▼ 0.39%)
• Silver 5 March Futures: ₹2,05,780/ 1 kg (▼ 0.80%)
• Crude Oil 16 Jan Futures: ₹5,105/ 1 BBL (▲ 0.04%)

Technical view

MCX Gold February futures today saw mild profit booking after the recent sharp rally, with prices slipping slightly from higher levels. Despite this minor pullback, gold continues to trade well above its previous breakout zone and remains firmly above the 21-day exponential moving average (EMA), indicating that the broader trend remains positive. Recent price movements suggest consolidation around the previous all-time high zone. However, following the strong upward movement, the risk-reward ratio for new long positions remains unfavourable. Unless gold slips below the immediate support zone of ₹1,31,000–₹1,32,000 zone, trend may remain positive.

MCX Silver March futures also saw mild profit-booking in today’s session after the recent sharp rally, with prices slipping marginally from the lifetime high zone. Despite the pullback, the broader structure remains bullish, with silver trading well above its prior breakout zone and comfortably above the 21-day EMA.

However, after the sharp rally, the risk-reward for fresh long positions remains unfavourable at current levels. Traders may look for pullbacks towards the ₹1,72,000–₹1,71,000 zone, which now acts as immediate support. As long as prices hold above these zones, the bullish bias is likely to remain intact.

MCX Crude Oil Janurary futures opened Thursday's session negatively, continuing the recent decline from the consolidation range. Prices remain firmly below the 21-day and 50-day EMAs, highlighting sustained selling pressure and a lack of buying interest during pullbacks. Price action suggests that crude has broken the range on the downside after a two-month consolidation period, which reinforces the short-term bearish bias. Meanwhile, a break below the immediate support zone of ₹5,000 would signal further weakness.

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