Gold Price Today: Gold Silver Prices Up as Rupee Strengthens

Gold prices edged higher in domestic commodities market on Monday as rupee gained strength. Silver also toed the line, advancing in early trade.

The yellow metal’s near-term futures contracts at MCX were up 0.3 per cent to Rs 38,416. MCX Silver (Dec) futures were also up 0.48 per cent to Rs 46,615.

Read More : Commodities Weekly Technical Research Report 04 — 08 November 2019 – Gold Silver Reports

SMC Globals expects gold to trade with a positive bias. Gold can test Rs 38,600 while taking support near Rs 37,750 and silver can test Rs 47,250 while taking support near Rs 46,450, it added.

In the international market, gold prices were steady as the greenback eased on soft manufacturing survey, while signs of a US-China trade deal coming through this month stoked risk appetite, capping gains for the safe-haven bullion, reported Reuters.

Spot gold was steady at $1,512.93 per ounce, as of 0254 GMT, after dipping 0.2 per cent earlier in the session, while US gold futures were up 0.2 per cent at $1,514.80 per ounce.

On technical charts, spot gold may test a resistance at $1,519 per ounce, a break above which could lead to a gain to $1,534, a Reuters analyst said.

However, gold seems to have lost its momentum after narrowly missing $1,519 on Nov. 1. It became doubtful that the metal could break $1,519 and rise towards $1,534.

Read More : Gold Technical Analysis: Resistance at $1,524 Still intact, US Non-Farm Payrolls Eyed for a Fresh Impetus

Strategically, a fall below $1,502.90 could confirm the failure to break $1,519, and the fall may extend into the range of $1,482-$1,496. A break above $1,518.50 may lead to a gain into the range of $1,529-$1,557 while a break below $1,480.82 could confirm a target at $1,405.