MCX Gold prices sustains below ₹96,000, Crude oil faces resistance at 21 EMA; check today’s trade setup

Market recap (as of 6:30 pm)

• Gold 5 June Futures: ₹95,879 (▲ 1.2%)
• Silver 5 May Futures: ₹97,515 (▼ 0.2%)
• Crude Oil 19 May Futures: ₹5,406 (▲ 1.8%)

Technical structure

A close above ₹97,147 could signal a breakout and re-entry into the uptrend channel, potentially paving the way for a move towards ₹1,01,271. However, a rejection of this resistance zone, especially if followed by a bearish candlestick pattern, could signal a possible reversal.

The open interest data of 15 May expiry saw significant call open interest at 5,400 and 5,500 strikes, indicating resistance for the crude around these levels. On the flip side, the put base was observed around 5,400 strike but with a lower volume.

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