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On the daily chart, the MCX Gold December contract is forming a higher high and higher low pattern indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
Taking cues from the price of yellow metal in the international market, MCX February gold futures were trading at Rs 62,525 per 10 grams in the opening trade, up by Rs 49 or 0.08%. Meanwhile, the March Silver futures were trading at Rs 75,008 per kg, higher by Rs 184 or 25%.
The dollar index (DXY) was down $0.01 or 0.01% against a basket of six top currencies and hovering around 102.56. The DXY has fallen nearly 1.26% in the past five sessions.
"We anticipate silver will follow golds trend and move higher in 2024. Long-term fundamentals are still positive for silver, as global demand is likely to outshine due to the faster adoption of green energy. From the level specific, Comex silver will rise to $30 per ounce; a decisive breakout above the $30 level will open further upside towards $33/$37.0. It has support at $19.80."
On Comex, Gold futures were trading at $2,036 per troy ounce, up $0.30 or 0.01% while Silver futures were trading at $24.220, higher by $0.066 or 0.270%.