On October 14, MCX gold prices hovered around ₹1.47 lakh per 10 grams, showing pressure after falling below key support levels. Silver also broke important support, signaling a continuing downtrend. These movements come as traders watch US inflation data and global oil supply concerns following an attack on a Saudi Aramco facility.
- MCX Gold Mini November futures traded near ₹1,46,755, below key support at ₹1,47,162.
- MCX Silver Mini November futures traded near ₹2,20,172, below support at ₹2,22,642.
- Both metals show strong downtrends based on technical indicators like EMAs, DI, and ADX.
- MCX Crude Oil October futures hovered near ₹8,944, holding above a descending trendline but struggling to rise above ₹9,000.
- Global focus remains on US inflation data and oil supply disruptions.
What is the current trend for MCX gold prices?
MCX Gold Mini November futures traded near ₹1,46,755, remaining under pressure after breaking below the support level at ₹1,47,162. The price is below both its 20-hour and 50-hour exponential moving averages (EMAs), which are declining. The shorter EMA is below the longer EMA, indicating weakness. The negative directional indicator (DI) remains above the positive DI, and the average directional index (ADX) at 50.09 signals a strong downtrend.
An hourly close above ₹1,47,162 would suggest initial stabilization, with resistance expected between ₹1,47,462 and ₹1,48,069. On the downside, the recent low near ₹1,46,400 is crucial; sustained weakness below this could extend the decline.
How is MCX silver performing currently?
MCX Silver Mini November futures traded near ₹2,20,172, attempting a small rebound after breaking below the support at ₹2,22,642. The price remains below its declining 20-hour and 50-hour EMAs, with the shorter EMA below the longer one. The negative DI is well above the positive DI, and the ADX at 55.74 indicates a strong downtrend.
An hourly close above the range of ₹2,22,409 to ₹2,22,642 would signal an initial recovery. The next resistance level is near the 50-hour EMA at ₹2,24,165. On the downside, the recent low around ₹2,19,300 is important; sustained weakness below this level could trigger further selling.
What is the status of MCX crude oil futures?
MCX Crude Oil October 19 futures traded near ₹8,944, holding above a descending trendline but struggling to maintain levels above ₹9,000. On the four-hour chart, the price is above its 20-period and 50-period EMAs, with the shorter EMA marginally above the longer EMA. The positive DI is slightly above the negative DI, while the ADX at 9.82 indicates a lack of strong directional momentum.
Crude oil remains range-bound with a modest positive bias while holding above the moving averages. A close above ₹9,000 would indicate improving buying momentum, with the next resistance zone between ₹9,309 and ₹9,384. On the downside, the immediate support area lies between ₹8,848 and ₹8,872. Sustained weakness below this range would bring the descending trendline into focus.
What global factors are influencing these commodity prices?
Global markets are closely watching US inflation data expected later today, which may provide clues about the Federal Reserve’s next policy moves. Additionally, oil supply concerns remain significant following an attack on a Saudi Aramco facility. These factors contribute to volatility in commodity prices such as gold, silver, and crude oil.
