Key Highlights

  • Gold edges up: MCX gold futures (December) touched an intraday high of Rs 1,42,888 and were trading at Rs 1,42,500, up Rs 476 or 0.34 per cent.
  • Silver loses steam: After hitting Rs 1,97,186 intraday, MCX silver futures (December) slipped to Rs 1,95,572, down Rs 147.
  • Key gold levels: Resistance at Rs 1,43,000-1,43,700; support at Rs 1,40,000-1,41,000.
  • Oversold signals: Gold’s RSI is near 33 and silver’s near 25, but MACD indicators still point to bearish momentum.
  • Far from peaks: COMEX gold opened at $4,012.20 an ounce against a high of $5,586.20 earlier this year; COMEX silver at $54.29 against $121.79.

Gold and silver attempted a recovery on Monday after last week’s sharp sell-off, with low-level buying lifting prices in early trade. But the bounce told two different stories: gold held on to modest gains, while silver’s sharper opening rally faded into negative territory by the later count, a sign that the market is still searching for a floor.

On the Multi Commodity Exchange (MCX), gold futures for December opened Rs 277 higher at Rs 1,42,301 per 10 grams against the previous close of Rs 1,42,024. The yellow metal climbed as much as 0.6 per cent, or Rs 864, to an intraday high of Rs 1,42,888 at 11:50 am, and was last trading at Rs 1,42,500, up Rs 476 or 0.34 per cent. Despite the gain, gold remains near a three-month low.

Silver futures for December opened Rs 538 higher at Rs 1,96,257 per kg against the previous close of Rs 1,95,719. The white metal touched an intraday high of Rs 1,97,186, up 0.74 per cent or Rs 1,467, before reversing to trade at Rs 1,95,572, down Rs 147 or 0.08 per cent.

What the Charts Are Saying

According to market experts, MCX gold is holding between support and resistance bands after the December contract fell nearly 4 per cent last week to close near Rs 1.42 lakh. They noted that MCX gold is gaining about half as much as COMEX gold and trails MCX silver, whose oversold bounce has been sharper.

For gold, immediate resistance is seen at the Rs 1,43,000-1,43,700 zone, followed by Rs 1,45,300-1,46,000, while immediate support lies at Rs 1,40,000-1,41,000. With RSI near 33, gold is close to oversold territory, but the MACD’s negative histogram is widening. Experts say the bias remains cautious, and a reclaim above Rs 1,43,000-1,43,700 is needed for prices to stabilise.

Silver faces immediate resistance at Rs 2,00,000-2,02,000, followed by Rs 2,06,000-2,08,000. Support is placed at Rs 1,92,000-1,94,000, with the next cushion at Rs 1,83,000-1,85,000. Experts pointed to Friday’s long lower shadow near Rs 1,92,000 as an attempt to build a base. Silver’s RSI near 25 signals a deep oversold condition, though the MACD remains below its signal line, indicating bearish momentum is still in place.

Why This Matters for Buyers and Investors

The global picture puts the current correction in perspective. COMEX gold futures opened at $4,012.20 per ounce against the previous close of $4,007.90, roughly 28 per cent below the $5,586.20 level touched earlier this year. COMEX silver opened at $54.29 against $53.94, still more than 55 per cent below its high of $121.79.

For retail buyers, especially those planning purchases for the festive and wedding season, the pullback offers noticeably lower prices than the year’s peaks. For traders, however, oversold readings alone are not a buy signal. Until gold reclaims its resistance zone and silver’s momentum indicators turn, analysts suggest the recovery should be seen as tentative rather than a confirmed reversal.