Gold and Silver Prices Rise Amid Volatility: How to trade on MCX – Key levels, strategy & targets today

Gold and Silver Price Today: Gold and silver prices rose on Wednesday in both international and domestic markets, though they slipped from the day’s highs due to a strong dollar and mixed signals on US interest rate policy. The market remained volatile ahead of key economic data.

In international markets, the December gold futures contract closed at $4,082.80 per troy ounce, up 0.40 per cent, while silver December futures rose 0.66 per cent to $50.854 per troy ounce.

Domestic and International Prices

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In India, gold December futures settled at Rs 1,23,051 per 10 grams, up 0.34 per cent, and silver December futures closed at Rs 1,55,107 per kilogram, up 0.30 per cent.

The FOMC meeting minutes showed differing opinions among US policymakers on potential December rate cuts. Concerns over the job market and rising inflation created uncertainty in global markets.

Manoj Kumar Jain, market analyst, said, “Despite volatility, safe-haven demand is supporting gold and silver. Investors are closely watching the FOMC minutes for clues on future rate cuts.”

Key Support and Resistance Levels

Gold is holding a key support level of $3,870 per troy ounce, while silver remains above $45.50 per troy ounce internationally. Jain noted, “Gold and silver prices are likely to remain volatile this week, with the US non-farm payroll data likely to provide clear direction.”

For this week, gold is expected to trade in the $3,960–$4,180 range, with support at $4,034–$4,054 and resistance at $4,110–$4,140 per troy ounce. Silver is likely to trade between $48.40–$52.50 per troy ounce, with support at $49.80–$50.35 and resistance at $51.40–$52.00.

MCX Market and Trading Advice

In the domestic MCX market, gold has support at Rs 1,21,650–Rs 1,22,200 and resistance at Rs 1,23,800–Rs 1,24,400 per 10 grams. Silver support is seen at Rs 1,52,500–Rs 1,54,000, with resistance at Rs 1,56,600–Rs 1,58,000 per kilogram.

Jain advised, “Traders can consider buying gold on dips around Rs 1,22,800–Rs 1,22,000 with a stop loss at Rs 1,21,400. Silver can be bought near Rs 1,54,000–Rs 1,52,500 with proper risk management.”

Overall, precious metals are expected to remain volatile in the coming days amid fluctuations in the dollar index, global market uncertainty, and key US economic data.