Yellow metal could remain erratic as investors pay attention to U.S. retail sales data

Gold prices slightly declined on Monday from a three-month high reached in the previous session as the dollar and U.S. government yields increased in response to a top U.S. central banker’s warning that the Federal Reserve is not yet “softening” its fight against inflation. After reaching its highest level since August 18 on Friday, spot gold was down 0.5% at $1,762.70 per ounce. U.S. gold futures declined 0.2% to $1,766. Today, gold contracts were trading 0.18 percent higher on the Multi-Commodity Exchange (MCX) at Rs 52,427 for 10 grams, and silver prices were up 0.37 percent at Rs 61,800 for a kilogram.

Manoj Kumar Jain and Prithvi Finmart Research on Commodities stated, On November 11, the international markets for gold and silver came to a successful conclusion. The settlement prices for the December futures contracts for gold and silver were $1,774.20 per troy ounce for gold and $21.80 per troy ounce, respectively, up 1.17% and 0.43%. On a mixed note, domestic markets closed. This week’s volatility for gold and silver is anticipated to continue.

The price of gold may remain at $1722 per troy ounce, and the price of silver may remain at $21 per troy ounce. The resistance level for gold is $1788-1800 per troy ounce, while the support level is $1758-1744. Support and resistance for silver per troy ounce are at $21.55 and $21.30, respectively. At the MCX, silver has a support range of Rs. 61,000–60,550 and a resistance range of Rs. 62,000–62,650 for gold, respectively. Using a stop loss of Rs 60,550 and a target price of Rs 62,600, we advise purchasing silver while it is on the decline around Rs 61200.

Deveya Gaglani, Research Analyst, Axis Securities told, Comex Due to a fall in the dollar index last week, which drove up the price of bullion, gold prices increased by more than 5%. A Fed official’s hawkish remark that caused profit-taking in gold caused prices to retrace from a multi-month peak. On the weekly chart, prices have broken through a downward-sloping trendline, which is a good sign for prices. Investors will now pay attention to retail sales data, which will measure consumer spending last month, after the U.S. inflation report. As long as the $1730 level on the bottom side is maintained, gold’s overall trend is still upward.

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