Gold Rate Today: Technicals in favour of gold and silver

Gold and silver were trading higher in early trade on Thursday on account of some demand for precious metals from jewelers, industries and retailers.

MCX Gold futures were up 0.27 per cent, or Rs 83, at Rs 31,226 per 10 gram, whereas MCX Silver futures were up 0.53 per cent, or Rs 216, at Rs 40,982 per 1 kg.

SMC Global Securities believes that gold can take support near Rs 31,000 per 10 gram and can face resistance near Rs 31,350 in MCX. Meanwhile Silver can take support near Rs 40,400 per 1 kg and can face resistance near Rs 40,900.

Choice Broking in a report said, “COMEX Gold has been consolidating between 50-61.8% retracement levels; which could be a support zone for the prices. Therefore, we expect further bullish move in MCX gold prices and it is likely to trade in the range of 31,300-31,400.”

MCX Silver traded higher on Wednesday. On the daily chart, prices has witnessed of continue upward rally without enabling a negative candle in prior sessions. Moreover, price has sustained above 21days SMA on daily chart which suggest positive movement in the prices.

In addition, a momentum indicator RSI (14) and MACD has moved to upward direction with positive crossover.