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  5. MCX Gold tumbles over 4%, Crude oil sustains bullish momentum above 21 EMA; check today trade setup

Market News

MCX Gold tumbles over 4%, Crude oil sustains bullish momentum above 21 EMA; check today trade setup

Upstox
By Upstox News Desk

2 min read | Updated on May 12, 2025, 19:54 IST

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SUMMARY

MCX Gold slipped below the crucial support zone of ₹94,000 and is currently trading below its 21-day EMA. A close below this level will signal further weakness.

Short-term traders can monitor the price action of crude oil around its 50-day EMA.

Short-term traders can monitor the price action of crude oil around its 50-day EMA.

Market recap (as of 7:00 pm)

  • Gold 5 June Futures: ₹93,192/ 10 gram (▼ 3.4%)
  • Silver 4 July Futures: ₹95,790/ 1 kg (▼ 0.9%)
  • Crude Oil 19 May Futures: ₹5,359/ 1 BBL (▲ 2.8%)

Technical outlook

Gold: The price of the yellow metal slipped below the crucial support zone of 21-day exponential moving average and is currently trading below ₹94,000. It faced resistance around the downward sloping trendline and failed to close the crucial resistance zone, forming a lower high on the daily chart. Meanwhile, the next crucial support for gold is around 50-day EMA.
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Silver: After a negative start, silver prices faced resistance around the 50-day EMA and slipped below the low of previous four trading sessions. The short-term technical structure of silver will turn bearish if it ends below the crucial support of 200-day EMA. On the flip side, the resistance remains at 99,300 zone.
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Crude oil: Oil prices sustained its bullish momentum and are currently trading above the crucial support zone of 21-day EMA and ₹5,082. Last week, MCX’s 19 May contract confirmed the bullish hammer candlestick pattern on the daily chart. Since the formation of a bullish reversal pattern, crude prices have risen over 6% and are now approaching the crucial resistance of the 50-day EMA.

Short-term traders can monitor the price action of crude oil around its 50-day EMA. A close above or rejection from this level will provide further directional clues.

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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

Upstox
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance.

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