India Gold MCX December futures trade to lower on Friday tracking muted trend seen in the international spot prices.
On the multi-commodity exchange, the December gold contracts were trading 0.24 percent lower at Rs 47,846 per 10 grams at 0930 hours.
The December silver futures were trading 0.48 percent lower at Rs 64,622 a kilogram.
Gold and silver price gains were capped after a decline in the U.S unemployment claims. Despite weakness in the dollar index both the precious metals settled on a mixed note.
Gold December futures contract settled at $1802.60 per troy ounce. While silver December futures contract settled at $24.12 per troy ounce. Due to strength in the rupee both the precious metals were settled on a slightly weaker note.
The dollar index also fell after ECB left its interest rates unchanged and Euro gained after ECB’S press conference. Gold and silver showed roller coaster moves after the downbeat.
“We except both the precious metals to remain volatile in today’s session and weakness in the dollar index. It could support prices. Gold has support at $1788-1774 per troy ounce and resistantce at $1810-1824 per troy ounce.”
“Silver has support at $24.40-24.66 per troy ounce “
Said Manoj Kumar Jain, Director, Head commodity, and currency research.
International gold prices ended marginally higher during the volatile trade session. But were off high while domestic gold prices could start with small cuts this Friday morning.
Technically, if MCX gold December trades below 47980 it could test the support zones at 47728-47496 levels .
Resistance zones is at 48211-48462 levels.
International silver prices have started with small cuts this Friday morning in Asian trade ahead of data.
Expert : Amit khare, AVP- research commodities, Ganganagar commodity Limited
Traders are advised to make fresh short positions in Gold and silver in small bounce near given resistance levels. Focus on important technical levels given below for the day
- Support 1- 47650
- support 2 – 47500
- Resistance 1- 48100
- Resistance 2- 48260