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After a pause of one day, Indian bullion market moved along the positive path. Both gold and silver were trading higher in early trading sessions on October 20 The 24-carat variant of the yellow metal was trading at Rs 47,546/10 gm, up by Rs 167/10 gm from Monday’s price of Rs 47,379/10 gm, according to the rate provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-c.arat gold was up by Rs 213 at Rs 43,552/10 gm.
“Gold traded in a range bound zone yesterday taking cues from the global markets. However, the volatility was higher due to the movement in US dollar. We expect gold to trade sideways in the coming week. In MCX, gold has a support at 46,900 and resistance at 47,650,” said Ravi Singh, vice-president and head of research, ShareIndia.
Gold was in primary downtrend until recently but now bears are slowly getting exhausted and it might be entering into a bullish territory, he added.
“Gold and silver prices were higher in midday in US trades on Tuesday, with silver sharply up and notching a five-week high. Gold prices have backed well down from the session, high on profit taking by the shorter-term futures traders. A drop in the US dollar index to a three-week low yesterday and more bullish near-term chart postures for both metals invited buyers to step up,” said Amit Khare, AVP, research commodities, Ganganagar Commodity Limited.
Silver up too
The white metal was also trading in the positive zone today. Silver was trading at Rs 64,422/kg, up Rs 1,236 from Monday‘s price of Rs 63,186/kg, according to IBJA rate.
“Gold and silver showed mixed movement in today’s trading session in both the markets, i.e. spot and multi-commodity exchange. We saw some safe haven buying in bullions at lower levels especially in silver. Overall, technical charts of gold and silver are strong. Momentum indicator RSI is also indicating the same. It means more upside potential for bullions. So, traders are advised to make fresh long positions in gold and silver in small dips, traders should focus important technical levels,” added Khare.