Gold and silver prices increased on Friday.
After a hike of Rs 440 per 10 grams of 24-carat gold, the yellow metal was trading at Rs 57,930. While silver prices rose by Rs 100 per kilogram. The precious metal was selling at Rs 72,600 per kg.
The price of 22-carat gold also increased by Rs 400 per 10 grams from yesterday’s close. It was tradeing at Rs 53,100, according to the GoodReturns website.
In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,930 and Rs 53,100, respectively.
In Delhi, 10 grams of 24-carat and 22-carat gold were trading at Rs 58,080 and Rs 53,250, respectively. In Chennai, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,930 and Rs 53,800, respectively.
Spot gold may break a support at $1,919 per ounce and fall into a range of $1,883-$1,905, following its failure to break a resistance at $1,942 per ounce.
A bullish target of $1,956-$1,969 has been temporarily aborted and will only be resumed when gold breaks $1,942. The metal has broken a short trendline. It is expected to fall towards the lower trendline, which points at a target of $1,905.
Given that the uptrend from the Dec 22, 2022 low of $1,783.30 has not been disrupted by a decent correction, the current fall could be deep enough to extend below the lower trendline.
On the daily chart, a bearish engulfing pattern formed between Wednesday and Thursday, signalling a reversal of the uptrend from $1,758.18.
The drop is tentatively classified as a pullback towards $1,898.
In Delhi and Mumbai 1 kg of silver was trading at Rs 72,600, while in Chennai and Hyderabad, it was selling at Rs 75,000. In Kolkata, the metal was selling at Rs 72,600.
(With inputs from Reuters)
