Daily Mcx Bullion Technical Report 29 November


Spot gold prices gained around 0.5 percent yesterday on the back of upbeat market sentiments coupled with weakness in the DX.

However, declining trend in SPDR gold holdings capped sharp gains in the prices. The yellow metal touched an intra-day high of $1245.21/oz and closed at $1243.50/oz in yesterday’s trading session.

The near-month MCX gold contract rose around 0.5 percent yesterday due to Rupee depreciation and closed at Rs.30159/10 gms after touching an intra-day high of Rs.30210/10 gms on Thursday.


Spot silver prices traded higher around 0.3 percent yesterday taking cues from rise in gold prices along with positive movement in base metals complex.

Weakness in the DX coupled with upbeat market sentiments in early part of the trade acted as a positive factor for white metal prices. Silver prices touched an intra-day high of $19.77/oz and closed at $19.69/oz in yesterday’s trade.

MCX Silver prices dropped around 0.1 percent yesterday and closed at Rs.44128/kg after touching an intra-day low of Rs.43950/kg on Thursday.


In today’s session, we expect precious metals to trade on a mixed note in international markets on the back of declining trend in gold and silver ETF’s holdings. However, weakness in the DX coupled with upbeat market sentiments will cushion sharp downside movement in the prices. Further, less volatility will be observed today as US markets will close earlier today after Thanksgiving Day holiday yesterday.

In the Indian markets, appreciation in the Rupee will add downside pressure in the prices.

Technical Chart – Spot Gold

Technical Outlook valid for November 29, 2013 Unit Support Resistance Spot Gold $/oz 1236/1231 1248/1254 MCX Gold Dec’13 Rs/10 gms 30020/29900 30300/30450 Spot Silver $/oz 19.60/19.40 19.80/20.0 MCX Silver Dec’13 Rs/kg 43800/43500 44400/44700

For 2 Day Free Trial Bullion Mcx Tips Visit Here

Leave a Reply

Your email address will not be published. Required fields are marked *