MCX GOLD SILVER TIPS
MCX
Gold October contract closed at 31,217/10gms on Friday after
touching a low of 31091/10gms. MCX GOLD TIPS. Spot Gold prices
floated between gain and loss and settles 0.1 percent low. Market
sentiments were in doubts that stimulus measures announced by global
central bankers not enough to growth in economies and thus results in
bearish market sentiments. Strength in Dollar index DX also resulted
downside pressure in gold prices. Spot gold prices touched weekly low
of $1,737.50/oz and closed at $1,770.69/0z on Friday.
MCX Gold Levels for Today
Support
- 31450/31330, Resistance – 31630/31700
MCX
Silver prices fell by 0.92 percent and closed at 62,790/kg after
touching low of 61,830/kg on Friday. Silver prices declined due to
appreciation in Indian rupee which acted at bearish factor for MCX
Silver. MCX SILVER TIPS. The
Spot Silver prices declined by 0.09 percent and steeled at $34.46 on
Friday backing weak global market sentiments created by renewed
concerns of Euro zone. Weakness in Spot gold and base metal back
along with strength in DX also exerted downside pressure on Spot
Silver prices next week. It touched weekly low of $33.33/oz and
closed at 34.46/oz on Friday.
MCX Silver Levels for Today
Support – 62500/62200, Resistance – 63150/63500
Experts
Advice – In MCX market
depreciation in Indian rupee will cushion in metals prices while in
global market precious metals are expected to trade with a negative
bias due to weak global market sentiments and also due to strength in
the DX.
For
this week Global gold prices may see bullish trend and may moved the
level of $1,800/ounce. Global gold pries were down last week. The
metal is within reach of its 2012 high, while open interest for US
gold futures surged to a one-year high on heavy buying related to
fund positioning before the quarter end.
