Comex Gold, Big Fall Gold Price, MCX gold price, MCX Silver price: On Monday, gold and silver saw significant declines in international markets. Gold December futures closed at $2,617.70 per ounce, down 2.86%, while silver futures settled at $30.613, down 2.66%. Domestic markets also weakened, with gold futures ending at Rs75,351 per 10 grams (down 2.51%) and silver at Rs89,182 per kilogram (down 2.29%).
Gold and silver prices dropped sharply, impacted by a strengthening dollar index and Bitcoin rally. The dollar index surged past 105 after Trump’s U.S. election victory, while Bitcoin reached $87,000, pushing precious metal prices lower. U.S. equity markets and bond yields above 4.3% also added pressure.
Prithvi Finmart’s Director, Manoj Kumar Jain, noted, “Gold below $2,692 and silver below $30.80 signal short-term weakness, with technical sell-offs and expectations of a Middle East and Russia-Ukraine ceasefire adding to the pressure. However, a rebound could occur today.”
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Market Outlook Jain anticipates volatility this week, driven by U.S. inflation data and global financial market movements. According to Jain ”today, gold’s support is at $2,600-2,584 with resistance at $2,638-2,655, while silver’s support lies at $30.20-29.88 and resistance at $31.00-31.34. For MCX, gold has support at 75,040-74,770 and resistance at 75,660-75,850, while silver’s support is at 88,500-87,650 and resistance at 90,000-90,700.”
Kedia Commodity Gold Silver Price Outlook Today
MCX Gold: Resistance at 76,440-77,535, support at 74,780-74,215.
MCX Silver: Resistance at 90,910-92,640, support at 88,180-87,180.
Spot Gold: Resistance at $2,669-2,726, support at $2,593-2,553.
Spot Silver: Resistance at $31.39-32.3, support at $30.21-29.5.
Geojit Group Gold Silver LBMA Spot Outlook For Today
LBMA Spot Gold: Choppy with corrective selling pressure is likely. Anyhow stiffs support is placed at $2600.
LBMA Spot Silver: Weak bias may continue as long as prices stay below $32.50.
Geojit Group MCX Gold, Silver Dec Outlook For Today
MCX Gold: Selling pressure may continue if prices drop below Rs 75000. Else, mild recovery upticks expected.
MCX Silver: Consistent trades above Rs 90000 likely to extend weakness. Else, recovery upticks are on the cards.
IIDM Daily update on Spot Gold
Spot Gold prices traded lower for second day in the row, down sharply by 2.5% and hit a month’s low of $2610/oz yesterday as dollar strengthens. IIDM Says Resistance zone is located at 2625 above which we can see an upside move towards 2635-2640. Crucial support zone is seen at 2605/2600 below which a further dip towards 2590-2585 can be seen.
Big Event of the Week
Tuesday, November 12
08:30 PM – U.S. Fed Waller Speech
08:45 PM – U.S. Fed Barkin Speech
09:30 PM – U.S. Consumer Inflation Expectations (October)
Wednesday, November 13
07:00 PM – U.S. Core Inflation Rate MoM (October)
07:00 PM – U.S. Inflation Rate MoM (October)
07:00 PM – U.S. CPI (October)
Thursday, November 14
02:00 AM – U.S. Fed Schmid Speech
07:00 PM – U.S. PPI MoM (October)
07:00 PM – U.S. Initial Jobless Claims (November 9)
07:00 PM – U.S. Core PPI MoM (October)
07:45 PM – U.S. Fed Barkin Speech
01:30 AM – U.S. Fed Chair Powell Speech
Friday, November 15
05:20 AM – Japan GDP Growth Rate QoQ Prel (Q3)
07:30 AM – China Industrial Production YoY (October)
07:00 PM – U.S. Retail Sales MoM (October)
07:45 PM – U.S. Industrial Production MoM (October)
07:45 PM – U.S. Manufacturing Production MoM (October)
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Disclaimer
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver. We are not responsible for any gains or losses incurred based on the information presented here.
