Page 33 - Bullion World Volume 04 issue 12 December 2024
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Bullion World | Volume 4 | Issue 12 | December 2024
Bullion World | Volume 4 | Issue 12 | December 2024
Gold and Silver Futures:
Trends, Key Levels, and Outlook
Mr Venkatraman S, Head Research, Eventell Global Advisory Pvt Ltd
On November 14, gold prices reached a low of INR 73,917,
followed by a rebound to touch INR 78,475 on November
22, before encountering renewed selling pressure. Gold has
consistently faced strong resistance around the INR 78,000 level.
For the coming month, gold futures are expected to trade within
a range of INR 73,000 to INR 78,000 per 10 grams. A decisive
breach beyond this range on either side will provide clarity on the
future trend direction.
Silver (MCX Silver Mar-2025 Contract)
The MCX Silver March 2025 contract witnessed profit-booking
after hitting a historic high of INR 102,495 per kg on October
22, 2024. As of December 2, 2024, silver is trading at INR
90,174 per kg.
Strong support levels for silver are observed at INR 89,000,
with additional support at INR 87,000. A key support threshold
lies at INR 85,000, and a sustained daily close above this level
Gold (MCX Gold Feb-2024 Contract) could stabilize prices. For a bullish trend to resume, silver must
The recent bull run in the MCX Gold February establish a solid footing above INR 95,000 on a two-day closing
2024 contract faced a temporary halt on basis.In the next month, silver futures are anticipated to trade
November 4, 2024, when prices peaked at within a price band of INR 85,000 to INR 95,000 per kg. A
an all-time high of INR 80,282 per 10 grams. breakout beyond this range will signal a clear directional trend.
Since then, a corrective phase has set in,
and the downward momentum persists as of Conclusion
December 2, 2024. Both gold and silver futures are navigating corrective phases
post their respective record highs. While gold faces significant
resistance at INR 78,000, silver’s sustainability depends on
holding INR 85,000.
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