The yellow metal was trading 0.18 per cent, or Rs 53, down at Rs 28,832 per 10 gram around 10.10 am (IST), while the white metal was down 0.03 per cent, or Rs 13, at Rs 41220 per 1 kg.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York’s iShares Silver Trust SLV, stood at 10,342.04 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day. Gold prices are expected to correct till Rs 28,750 per 10 gram, if prices are stable one can buy for the target at Rs 29,050 per 10 gram with a stop loss below Rs 28590 per 10 gram. Silver prices are expected to test Rs 41,700-800. One can buy with a stop loss below Rs 40,500 per 1 kg.”
According to Choice Broking, MCX Gold price has moved above 20 EMA after several days. Moreover, the price has moved above the 38.20 per cent retracement of the previous fall from 29,785 to 27,907. The momentum indicator RSI has moved above 50 levels on the daily chart. On the other hand daily, MACD is entering the bullish crossover. For now, the brokerage house expects the price to move higher towar ..