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After two back-to-back negative sessions Indian bullion markets again witnessed a drop on Wednesday in early trading session. Both gold and silver were dragged down by multiple overseas reasons. The 24-carat variant of the yellow metal was trading at Rs 47,736/10 gm, registering a drop of Rs 340/10 gm from the previous day’s price of Rs 48,076/10 gm, according to rates provided by the Indian Bullion and Jewellers Association (IBJA). The price of 22-carat gold was Rs 43,726/10 gm, down by Rs 312 from the previous day’s rate of Rs 44,038/10 gm.
“Gold is still expected to remain in the negative territory for a few more trading sessions. All the momentum indicators like RSI, MACD, Moving Averages and Stochastic are showing downtrend in intraday and daily chart for gold,” said Ravi Singh, vice president & head of research, ShareIndia.
“There is also nothing expected this week which may trigger fresh safe-haven appeal. We advise investors to remain cautious and avoid taking fresh long position before the sentiments turn around,” Singh added.
Silver slumps
Like the yellow metal, silver too was trading lower on November 24. Silver was trading at Rs 63,177/kg on Wednesday, down by Rs 1,355 from Tuesday’s trading price of Rs 64,532/kg, according to the rate provided by IBJA on Wednesday.
“Gold and silver both showed huge negative movement on November 23 trading session and continued its rally on Wednesday. Gold is recording a three-week low and silver four-week low on Wednesday. We saw huge profit booking in bullions at higher levels and gold, silver tested three-week low. As per technical chart overall structure of both the metals are looking positive,” said a bullion expert to Money9.