On Tuesday, November 16, gold and silver prices fluctuated and both the metals closed on a weak note in the international market. However, on 17 November gold prices The dollar edged higher but hovered near recent lows after a bounce in US retail sales near 16-month highs. On the Multi Commodity Exchange (MCX), gold futures rose 0.14 per cent to Rs 49,109 per 10 grams at 9:45 am, while silver rose 0.28 per cent to Rs 66,419 per kg.
Manoj Kumar Jain of Prithvi Finmart Commodity Research told Money Control that he expects volatility in both the precious metals in today’s session (November 17). According to Jain, gold is expected to remain at $ 1832 (Rs 1,36198.02) per troy ounce and silver at $ 24.50 (Rs 1821.43) per ounce. “Gold is at Rs 1,844-1,832 (Rs 1,37090.15 – Rs 1,36198.02) per troy ounce and resistance is at USD 1,866-1,878 (Rs 138725.72 – Rs 139617.84) per ounce,” he said. Meanwhile, silver has support at $24.70-24.44 (Rs 1836.29 – Rs 1816.96) per troy ounce and resistance at $25.20-25.55 (Rs 1873.47 – Rs 1899.49) per troy ounce.
According to the Indian Bullion and Jewelers Association, the highest purity gold was priced at Rs 49,553 per 10 grams in the spot market. On Tuesday (November 16), silver was sold at Rs 66,883 per kg. It is observed that post-Diwali, the spot price of gold rose above Rs 1,850 per 10 grams and silver by around Rs 3,300 per kg during the period under review.
Manoj Dalmiya, Founder & Director, Praveen Equities said that there is a lot of technical evidence which indicates that gold will be bullish in the near future. Referring to the weekly chart of MCX December contract, Dalmiya said the intermediate downtrend was ended with a falling wedge pattern in early October. “The breakout was a good amount as well,” he said.
Ravi Singh, Vice President and Head of Research, ShareIndia, said higher US bond yields and a stronger dollar had pushed gold prices down on November 16. He said the tug of war between the bull and the bear is keeping the gold in a narrow range. Area. Singh believes that gold will move somewhat upwards this week.
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