MCX Silver trade above ₹1.93 lakh, while Crude Oil remains rangebound; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 Feb Futures: ₹1,30,700/ 10 gram (▲ 0.7%)
• Silver 5 March Futures: ₹1,93,232/ 1 kg (▲ 2.3%)
• Crude Oil 18 Dec Futures: ₹5,224/ 1 BBL (▼ 0.3%)

Technical view

MCX Gold futures are trading slightly higher, at around ₹1,30,800, and continue to consolidate within a narrow range. Following the sharp rally from late November, prices are forming a sideways flag-like pattern, which indicates the healthy consolidation of gains. As long as gold remains above ₹1,29,500, the short-term outlook is positive. A decisive close above ₹1,31,500–₹132,000 could trigger the next upside movement.

MCX Silver March futures maintained their strong upward momentum and jumped over 2.3%. The rally is supported by the steep rise in the 21-day exponential moving average (EMA), which is now at ₹1,74,100, indicating strong short-term bullish momentum. With no significant resistance, the trend remains bullish with immediate support around ₹1,83,000.

MCX Crude oil futures fell by 0.2%, remaining firmly within the ₹5,200–₹5,450 consolidation zone that has persisted for almost two months. Today’s decline has pushed prices back towards the lower end of this range. Both the 21-day EMA (₹5,298) and the 50-day EMA (₹5,335) are now acting as resistance. A decisive breakout of this range will provide strong directional clues.

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