Gold and silver prices rebounded on Wednesday, Nov. 4, as the market opened, ahead of Dhanteras. With the dollar weakening and easing US Treasury yields, the non-yielding assets such as gold and silver again gained momentum in both domestic and international markets.
MCX gold futures with December delivery are trading at Rs 1,41,957 per 10 grams, gaining Rs 2,505 or 1.8% in the intraday session today. On the other hand, silver futures with December expiry are up Rs 5,729 or 3.19% on MCX, at Rs 1,85,427 per kg.
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Comex gold has gained around 1.83% to trade at $4,012.5 per ounce, while Comex silver is at $51.175 per ounce, gaining 2.86% in today's session as of 06:09 GMT.
Why gold and silver prices are rising
Gold and silver prices are rallying after touching a one-month low last week, as the US dollar lost strength with Democrats winning big in the US in the midterm elections. An easing dollar makes gold and silver cheaper for overseas buyers, and right before Dhanteras, with the demand for the precious metals rising, the prices are rallying upward. Apart from that, the US Treasury yields have eased, which also helps gold and silver gain momentum.
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With the uncertainty hovering over the US and Iran conflict, with peace talks getting delayed and no concrete way forward, investors are again turning to safe-haven assets like gold, which is further helping the yellow metal gain.
Investors seem to be ignoring rising crude oil prices today as both Brent and WTI are up around 0.2% today.
Technical outlook
Ponmudi R, CEO of Enrich Money, said that gold is holding up above the crucial Rs 1,40,000 mark, with an immediate resistance at Rs 1,41,000, which the yellow metal has already broken, and now the next resistance is at Rs 1,43,000 to Rs 1,43,700. On the downside, the immediate support is at Rs 1,40,000 and then between Rs 1,37,500 and Rs 1,38,300.
The RSI is near 35, with the negative MACD histogram widening, reflecting the weak underlying momentum of the metal.
Silver is outperforming gold today, and the analyst indicted the immediate resistance is placed at Rs 1,86,000 and Rs 1,88,000, and if the prices exceed this level, then it could go up to Rs 1,94,000 to Rs 1,96,000.
The immediate support is between Rs 1,78,000 and Rs 1,80,000, followed by Rs 1,70,000 and Rs 1,72,000.
RSI is around 29, indicating that the white metal is already in an oversold state, while the MACD continues to signal negative momentum.
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