Gold price in India remained flat on Tuesday, November 9, after hitting a record high in the previous session. On the Multi-Commodity Exchange (MCX), December gold price dropped marginally 0.03 per cent to Rs 48.002 for 10 grams at 1000 hours on November 9. Silver, another precious metal dropped significantly on Tuesday. Silver price slumped 0.18 per cent to Rs 64,224 on November 5.
Gold and silver prices were moderately up in midday U.S. trading Monday, with gold scoring a two-month high and the bulls gaining momentum. It appears the metals traders have turned their focus from the bearish aspects of a tighter U.S. monetary policy, to the bullish prospects of rising and even problematic price inflation in the coming months. A lower U.S. dollar index to start the trading week was also friendly for the metals market bulls. December gold was last up $8.30 at $1,824.90 and December Comex silver was last up $0.328 at $24.485 an ounce.
The key outside markets today see the US dollar index weaker on a corrective pullback after hitting a new high for the year last Friday. Nymex crude oil prices are higher and trading around $82.00 a barrel. The oil market bulls have become wobbly. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.481%.
Gold and Silver showed good buying from bottom on the 8th November trading session, On the Multi-Commodity Exchange (MCX), December gold contracts closed up by 0.10% at Rs 48,018 for 10 grams. While December contract Silver futures closed at Rs 64,881 a kilogram, 0.85% up. Yesterday December Gold made a low of 47815 then made a high of 48174, And Silver made a low of 64297 then made a high of 65038. Yesterday we saw decent buying in Bullions at lower levels, Which may continue for next few trading sessions, As per technical chart both metals are showing strength, Momentum indicator RSI also indicating the same on daily chart, So traders are advised to make fresh buy positions in Gold and Silver in small dips, traders should focus important technical levels given below for the day :
December Gold closing price 48018, Support 1 – 47800, Support 2 – 47600, Resistance 1 – 48225, Resistance 2 – 48400.
December Silver closing price 64881, Support 1 – 64400, Support 2 – 63700, Resistance 1 – 65300, Resistance 2 – 66000.