Gold traded close to the lowest level in more than a week. Comex Gold prices ended with moderate losses yesterday, on more profit taking and technical consolidation on the charts. A stronger US Dollar index has also lent selling pressure to Gold and Silver early this week. Gold and Silver yet are in Bullish zone with downsides seemingly limited amid prompt bottom fishing. Gold and Silver have been consolidating at lower levels since over a week now & seem poised to take on a new leap upwards. Gold Futures for December delivery on the Multi Commodity Exchange – MCX Gold was higher at 31,450 rupees per 10 grams, after hitting a high of 31,475 INR, a level last seen on October 1, helped by a weaker Indian Rupee. The Indian festival and wedding season will start picking up in late October and peak next month during Diwali and Dhanteras, traditionally the occasions for buying & gifting Gold Bullion or Jewelry in India. Comex Gold yet has substantial support around $1747 & then further below at $1720. Upside target remains steady at $1855. Silver has been struggling to break above the resistance of $35.20 & once it closes above this, it enters a strongly bullish zone. Silver has substantial support around $33.
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