MCX Gold futures rise nearly 1%, Silver trading above ₹1.84 lakh per kg; check today’s trade setup

Market recap (as of 7:00 pm)

• Gold 5 Feb Futures: ₹1,30,955/ 10 gram (▲ 0.9%)
• Silver 5 March Futures: ₹1,84,376/ 1 kg (▲ 1.5%)
• Crude Oil 18 Dec Futures: ₹5,349/ 1 BBL (▲ 0.7%)

Technical view

MCX Gold futures is trading 0.6% higher, having broken out above the descending trendline and holding comfortably above the 21-day exponential moving average (EMA). The price continues to show bullish momentum, with gold trading near the ₹1,30,500–₹1,31,000 resistance zone. On the downside, the breakout zone of around ₹1,28,000 now acts as immediate support, with a stronger support around ₹1,26,000. As long as prices remain above these levels, the short-term outlook is positive.

Silver futures on MCX gained 0.3%, holding firmly above the recent breakout zone. Prices continue to trade above both the 21-day and 50-day EMAs, reinforcing the bullish momentum that emerged after clearing the key downtrend line. Immediate support now sits near ₹1,68,600, while a crucial support is around ₹1,53,800. If silver sustains above the breakout level, further upside zone cannot be ruled out.

MCX Crude oil futures edged 0.4% higher, but the overall structure remains range-bound, with the price continuing to trade within the narrow range ₹5,200–₹5,400. The price is currently hovering around the 21-day and 50-day EMAs, which suggests indecision and a lack of directional conviction. A decisive breakout above ₹5,420 could revive bullish momentum, whereas closing below ₹5,200 could lead to further weakness towards ₹5,050.

Disclaimer:

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