Gold Silver Reports (GSR) — Traders attributed the sharp fall in silver prices to weak demand from industrial units and coin makers. Prices of gold of 99.99% and 99.5% purity fell by Rs 100 each to Rs 32,050 and Rs 31,900 per 10 grams respectively.
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Technical Analysis
Gold prices tumbled down to support level which is seen as an upward sloping trend line that comes in near 1,198. A break of trend line support, or a close below this level would lead to a test of the September lows at 1,180. Prices pushed through support near the 50-day moving average at 1,209, which is now seen as short-term resistance. Additional resistance is seen near the 20-day moving average at 1,224. Momentum is negative as the MACD (moving average convergence divergence) histogram is printing in the red with a declining trajectory which points to lower prices. The fast stochastic has tumbled moving lower which reflects accelerating negative momentum. The current reading on the fast stochastic is 9, which is below the oversold trigger level of 20 and could foreshadow a correction.
Gold Prices have fallen about 11%from its April Peak
Gold Silver Reports (GSR) – Spot gold was little changed at $1,209.71 per ounce at 0431 GMT. On Friday, prices fell to their lowest since Oct. 11 at $1,206.13 per ounce. “Higher US interest rates and a stronger dollar are flashing red for gold investors,” said Stephen Innes, APAC trading head at OANDA in Singapore.
Crude Prices Up by 1 percent After Saudi Arabia Announces December Supply cut
Crude Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October.
Gold Prices Slip for 3rd Day, Silver Rates Slump
The bullion market in Delhi was closed on Thursday on account of ‘Govardhan Pooja’. Gold prices had declined by Rs 210 to Rs 32,400 per 10 grams during special ‘Diwali Muhurat’ trading on Wednesday.