MCX Silver crosses ₹1.06 lakh per kg, Crude oil sustains momentum above 50 EMA; check today’s trade setup

Market recap (as of 4:00 pm)

• Gold 5 August Futures: ₹96,775 (▼ 0.2%)
• Silver 4 July Futures: ₹1,06,055 (▲ 0.5%)
• Crude Oil 18 June Futures: ₹5,552 (▲ 0.3%)

Technical view

Gold prices slipped towards its 21-day exponential moving average (EMA) and are trading within the broad range of ₹1,00,000 and ₹95,600. Within this range the trend of gold may remain sideways and a break of this range will provide further directional clues.

Silver prices extended the bullish momentum for the sixth consecutive session and are forming a bullish candle on the daily chart. It formed a doji candlestick pattern on Friday and is currently trading above the high of the indecision of candle.

For further clues, traders can monitor the close above the high of the doji pattern. A close above the high will signal continuation of the bullish momentum. Conversely, a close below the low of the doji will indicate change in the short-term trend.

Crude oil prices extended last week’s bullish momentum and are currently trading above the crucial resistance zone of ₹5,500. It also reclaimed its 50-day EMA and formed a bullish candle on Friday. For short-term clues, traders can monitor the price action of MCX crude around Friday’s high. A close above the Friday’s high will signal continuation of the trend with immediate support around ₹5,300.

Disclaimer:

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