MCX Gold trades near ₹1.63 lakh per 10 gram; Crude Oil prices fall over 3% amid profit booking

Market recap (as of 3:00 pm)

• Gold 5 Oct Futures: ₹1,62,929/ 10 gram (▼ 0.1%)
• Silver 4 Sept Futures: ₹2,42,617/ 1 kg (▼ 0.6%)
• Crude Oil 21 Sept Futures: ₹7,845/ 1 BBL (▼ 3.5%)

Technical outlook

MCX Gold price action remained positive as the October contract traded near ₹1,63,720. The price is holding above the hourly 20-EMA and the 50-EMA, which keeps the hourly structure firmly in favour of buyers. Immediate resistance is placed near ₹1,63,800, followed by the recent high zone around ₹1,64,500, while the 20-EMA is the first support. The ADX is strong at 39.20, and the positive DMI structure confirms buyer control. A sustained move above ₹1,63,800 can extend the uptrend, while a fall below the 20-EMA may lead to short-term consolidation.

Silver price action remained cautious as the September contract traded near ₹2,44,461. The price is below the hourly 20-EMA but remains above the 50-EMA, showing consolidation rather than a confirmed breakdown. Immediate resistance is placed near the 20-EMA, followed by ₹2,48,000, while ₹2,41,999 remains the key support zone. The ADX is at 21.14, indicating only moderate trend strength. A recovery above ₹2,45,230 can improve the setup, while a sustained fall below ₹2,41,999 can increase weakness.

MCX Crude Oil price action remained weak as the September contract traded near ₹8,089. The price is below the hourly 20-EMA and the 50-EMA, which keeps the short-term structure under pressure. The ₹8,170-₹8,181 zone is the immediate resistance, followed by ₹8,404, while support is placed near ₹7,986 and then ₹7,595. The DMI setup is bearish, but the ADX is low at 17.56 and shows that the downtrend is not yet strong. A sustained move below ₹7,986 can extend the weakness, while a recovery above ₹8,181 is needed to improve the setup.

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