Global Gold Prices on November 18 continued their upward movement for the second day in a row as the dollar eased and US bond yields moved back from a three week high. The gold contracts on the Multi Commodity Exchange (MCX) recorded a 0.14 per cent positive movement and climbed to Rs 49,109 for 10 grams at 09:45 am. Meanwhile, silver futures also showed 0.28 per cent growth and moved to Rs 66,419 for a kilogram.
The positive movement in both the metals came on a day of extreme volatility on Tuesday. The negative impact on gold and silver prices was due to the release of upbeat Sales Data and consolidation in the dollar index.
The dollar which generally moves in the opposite direction of gold prices remained sideways after the latest jump in the metal’s price. The dollar is currently trading positive and its position may get even better. Speaking about the trading strategy of the metals, Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart told Money Control that gold has a resistance level of Rs 49,450 and its selling price is expected to remain close to this level. Meanwhile, silver is currently sitting at a resistance level of Rs 67,200 and should test Rs 66,000 mark
Prithvi Finmart Commodity Research’s Manoj Kumar Jain indicated that the positive movement in both gold and silver prices will continue in the coming days and the prices should remain firm. Gold December futures on Wednesday closed at $1870.20 per troy ounce recording a 0.87 per cent growth. Silver December futures also showed similar momentum and settles at $ 25.17 with a gain of 0.91 per cent. Jain added that Gold could test $1892 per troy ounce and silver could test $25.80 per troy ounce in the upcoming sessions.
On MCX, the yellow metal has support at Rs 49,100- 48,920 with resistance at Rs 49,550-49,770. For silver, the support is at Rs 66,200- 65,800 and resistance at 67,100-67,700 levels. Jain suggested going for a gold purchase of around Rs 49,200 with a target of Rs 49,700 and stop-loss if Rs 48,950. The suggested buy price for silver is around Rs 66,300 with a stop loss of Rs 65,800 and Rs 67,500 as the target
Manoj Dalmia of Proficient Equities had a similar assessment and said that the gold prices should remain bullish in the near future. He suggested a short term target of Rs 50,500 and buying gold at correction levels with a stop loss around Rs 48,870 and Rs 48,200.
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