Gold, Silver Rebound on MCX; Gold Still Near 3-Month Low
MCX gold rose to an intraday high of Rs 1,42,888 on Monday, but silver gave up early gains. Key support, resistance levels and what experts expect next.
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.
