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Gold Prices Today: Yellow metal may witness selling pressure at higher levels, support at Rs 47,900

Gold Price Updates | Silver prices are also not getting support from industrial metals due to fear of declining demand on the new Coronavirus variant, said Abhishek Chauhan of Swastika Investmart.

November 30, 2021 / 10:54 AM IST
Gold Prices, Silver Prices

Gold Prices, Silver Prices


Gold prices in international market eased on November 30 as a result of other markets firming up and fell 0.7% to $1,783.1 per ounce in the US, but it ticked up slightly higher early in Asia to be neutral.

On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.26 percent to Rs 47,709 for 10 grams at 9.39 am on November 30. Silver futures were also up 0.26 percent to Rs 61,798 a kilogram.

Strength in the dollar index and US bond yield ahead of Fed chair Powell testifying is putting pressure on gold and silver prices. Investors are expecting a rate hike sooner than forecasted earlier, dampening the demand for gold and silver. On MCX, gold prices may witness selling pressure on minor price bounces. Silver prices are also not getting support from industrial metals due to fear of declining demand on the new Coronavirus variant, said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

Gold has support at Rs 47900 and below this level it may enhance selling momentum towards Rs 47600 while silver has support at Rs 62000 and below this level, it may test Rs 61400 levels, he added.

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Trading Strategy

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Gold and silver prices slipped on Monday amid rebound in the dollar index and US bond yields. Both the precious metals settled on a weaker note in the international markets. We expect precious metals to remain volatile amid volatility in the dollar index and safe haven buying at lower levels. Gold has support at $1772-1758 per troy ounce and resistance at $1796-1810 per troy ounce while silver has support at $22.66-22.40 per troy ounce and resistance at $23.10-23.40 per troy ounce.

At MCX, gold has support at Rs 47800-47580 and resistance at Rs 48100-48350 while silver has support at Rs 62100-61660 and resistance at Rs 62900-63300. We suggest buying silver above Rs 62400 with a stop loss of Rs 61900 for target of Rs 63300.

Manoj Dalmia, Founder and Director- Proficient Equities

After last week’s sell off, gold is trying to consolidate above the multitude of supports of 200 as well as 50- day averages. Short term trend for gold is down and in the long term it is remaining choppy. The present range of Rs 48000-47300 is very important and in fact the last line of defense for the bulls. In case it breaks Rs 47250, intermediate trend will also turn downward and likelihood of 47000 followed by 46480 will increase. A close above Rs 48000 is required for bulls to take control in gold.

Ravi Singh, Vice President & Head of Research at ShareIndia

Gold in comex is trading sideways due to expiry pressure. If Powell assures markets of unlimited support in the event of a worsening pandemic, then gold prices may break the resistance of 47700 for new levels in MCX.

Buy zone above - Rs 47700 for target of Rs 48000

Sell zone below - Rs 47300 for target of Rs 47000

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

We are seeing profit booking in bullions since last 7-8 trading sessions. As per technical chart, overall structure of gold and silver are looking positive, momentum indicator RSI is also indicating the same on hourly chart and are trading at oversold zone. So, short term investors are advised to create fresh longs on small dips near given support levels, traders should focus important technical levels.

February Gold closing price Rs 47990, Support 1 - Rs 47850, Support 2 - Rs 47700, Resistance 1 - Rs 48200, Resistance 2 - Rs 48550.

March Silver closing price Rs 62436, Support 1 - Rs 62000, Support 2 - Rs 61500, Resistance 1 - Rs 63000, Resistance 2 - Rs 64000.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Nov 30, 2021 10:54 am
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