Gold-Silver Trend: Gold extended and Silver too declined

Gold extended its slump for the second day as it slipped below the Rs 29,000 mark by falling Rs 250 to an over six-month low of Rs 28,800 per 10 grams in the bullion market today, following a subdued global trend. 

Additionally, reduced offtake by jewellers owing to a considerable fall in demand at the domestic spot market in view of the prevailing cash crunch following demonetisation of high-value notes hurt sentiment. 

MCX Free Tips: Silver too declined by Rs 100 to Rs 41,100 for every kg on reduced offtake by industrial units and coin makers. 

Traders said sentiment was downbeat, largely in sync with a weak global trend, where gold closed at near 10-month lows as investors shrugged off the ongoing political turmoil in Italy that boosted appeal of equities and other riskier assets. 

Globally, gold price fell 0.60 per cent to USD 1,170 an ounce and silver by 0.06 per cent to USD 16.71 per ounce in New York yesterday. 

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Today’s MCX Gold, Silver, Copper and Crude Oil Trend Levels

Gold

MCX Gold may take note of a few gains following cues from international exchange however sell on rise is suggested. Domestic gold price is also getting influenced by trend in rupee and development in spot market. Support for MCX Gold February contract is seen at Rs.27800 while Resistance is seen at Rs.28250.

Silver

MCX Silver may note of a few gains following cues from international market yet selling could be considered at higher levels. Support for MCX Silver March contract is seen at Rs.40400 while Resistance is seen at Rs.41300.

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Copper

MCX Copper may trade with a weaker bias following cues from international exchange. LME Copper trades bring down in early trades today following 0.6% decline yesterday. Support for MCX Copper November contract is seen at Rs.392 while resistance is seen at Rs.404.

Crude Oil

MCX Crude may note some decline following cues from international exchange but buy on dips is recommended. NYMEX crude has eased back after near $52 per barrel in past session. Support for MCX Crude December contract is seen at Rs.3411 while Resistance is seen at Rs.3595.

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Today’s Gold-Silver and Crude Oil Market Trends

Precious Metal

Precious metals prices fell to nearly a 10-month low on Wednesday, adding to its deepest monthly price declines in more than three years as strong U.S. economic data and higher U.S. Treasury yields buoyed the dollar, further cementing the case for a December rate increase

Important Point about Precious Metal

• SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its holdings remained at 883.86 down 1.18 tons, from past business day.

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• Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10766.50 tons, remain unchanged from past business day.

Energy Crude Oil

Crude oil prices soared more than 10 percent on Wednesday to over $50 a barrel and its highest in a month as some of the world's biggest producers agreed to curb production for the first time since 2008 in a bid to support prices.

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MCX Free Tips: Sell Zinc Nov with Commodity Report

Gold

MCX Gold may note of a few increase following cues from international exchange but sell on rise is suggested. Domestic gold prices are additionally getting affected by trend in rupee and development in spot market. Backwardation in domestic futures has widened amid position squaring ahead of expiry of December contract. In international market, COMEX gold trades in a narrow range near $1190/oz amid mixed cues. Retreat in US dollar and bond yields from recent high has lent some support to gold price. Support for MCX Gold December contract is seen at Rs.28500 while Resistance is seen at Rs.28900.

GOLD DEC FUTURE 

• R1–28900,
• R2-29400,
• S1-28600,
• S2-28300

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Silver

MCX Silver may witness choppy trade in line with international price but bias may be on downside. COMEX Silver trades mixed near $16.5/oz amid range bound movement in gold and weakness in industrial metals. Silver ETF investors have also moved to sidelines. Chance opinion may keep on affecting gold and industrial metals differently keeping silver price choppy but Fed’s rate climb worries will be negative for price. Support for MCX Silver December contract is seen at Rs.40300 while Resistance is seen at Rs.41400. 

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SILVER DEC FUTURE

• R1-41500,
• R2-42000,
• S1-40500,
• S2-39600,

Copper

MCX Copper may note decline following cues from international exchange. LME Copper trades lower in early trades today following 3% slide yesterday. Copper stocks at LME rose by 1225 tonnes yesterday however near lowest level since August. In spite of energetic fundamentals we expect the metal to trade with a weaker bias today as recent rally seems to have outrun fundamentals. Support for MCX Copper November contract is seen at Rs.382 while resistance is seen at Rs.396.

COPPER NOV FUTURE 

• R1-399,
• R2-416,
• S1-382,
• S2-370.

Crude Oil

MCX Crude may witness choppy trade tracking cues from international exchange but bias may be on upside. NYMEX crude trades higher above $45 per barrel after a sharp decline yesterday. Crude has witnessed sharp unpredictability in most recent few days as market players position for OPEC’s decision today. Focus today will also be on US EIA weekly report which is expected to note a 0.7 mn bbl rise in US crude stocks. Also in focus will be US economic data which will affect demand outlook as well as general risk sentiment. Support for MCX Crude December contract is seen at Rs.3050 while Resistance is seen at Rs.3180.

CRUDE OIL NOV FUTURE 

• R1-3330,
• R2-3390,
• S1-3100,
• S2-3020,

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Gold News

Gold traded possibly in the green on the Multi Commodity Exchange (MCX) in early exchange on Monday by virtue of physical buying by retailers. The yellow metal was trading 0.11%, or Rs 31, higher at Rs 28,968 for each 10 gm in early exchange.

Costs plunged by 0.55%, or by Rs 161, to Rs 28,970 in the past exchange. SPDR Gold Trust, the world's biggest gold-upheld trade exchanged reserve, said its possessions fell 0.58% to 915.29 tons on Friday from 920.63 tons on Thursday. 

Silver News

Silver was trading 0.35% down at Rs 40,530 for every 1 kg. The white metal shut 0.56% bring down at Rs 40,510 for each 1 kg on Saturday. 

Since the start of money related year 2016-17, gold costs progressed 2.23% till November 18, while silver has outperformed the yellow metal and surged more than 10% amid a similar period.

Stock News

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Domestic equity markets were trading in the red in morning trade taking global cues. At 10.30 am (IST), the BSE Sensex was down by 157.67 points, at 25992.57, while NSE Nifty was down by 52.30 points, at 8,021.80.