Gold and silver prices increased on Friday in early trade 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 kg and 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.
Following its failure to overcome a resistance at $1,942 per ounce, spot gold may break a support at $1,919 per ounce and fall into a range of $1,883-$1,905.
It has been temporarily abandoned and will only be restarted when gold breaks $1,942 to be a positive objective of $1,956-$1,969 per ounce.
A brief trendline has been broken by the metal. It is anticipated to decline in the direction of the lower trendline, which designates a goal of $1,905.
Given that there hasn't been a significant correction since the Dec. 22, 2022 low of $1,783.30, the current decline may be severe enough to go below the lower trendline.
A bearish engulfing pattern that appeared on the daily chart between Wednesday and Thursday indicated that the upward trend from $1,758.18 had reversed. Initially, the decline is categorised 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.
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