MCX Gold Support Key at Rs 76,850 and Resistance Key at Rs 77,300 [07 Nov 2024]

Gold Silver Update: “We expect gold and silver prices to remain volatile this week ahead of the U.S. Fed policy meetings, volatility in the dollar index and geo-political tensions,”.

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Small Trader’s Stay Away

Neal bhai suggests small trader’s staying away from the precious metals in today’s session ahead of the Fed policy meeting outcomes.

Gold and silver prices sharply lower and hit nearly 1-month low after unexpected win of Donald Trump in the U.S. Presidential elections.

Gold Support Key and Resistance Key

• At MCX gold has support key at Rs 76,750 and resistance key at Rs 77,330.
• MCX Silver has support key at Rs 88,650 and resistance key at Rs 91,550.

Today Bullion Price: Gold and silver prices dipped to a near one-month low following Donald Trump’s victory in the US presidential election. The dollar index and US bond yields surged, pushing precious metal prices lower. Market analysts predict continued volatility in gold and silver prices, influenced by the upcoming US Fed policy meetings and geopolitical factors.

Trump’s promises

Gold is seen as a hedge against risk and risk was the last thing traders wanted to run away from. The post-election day was all about Trump’s promises to boost the US economy, jump start the labor market, impose higher tariffs and cut taxes for businesses. All that contributed to a spike in demand for risk assets, simultaneously causing gold to slide further away from its recent peaks.