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Gold faced downward pressure as the main indexes of Wall Street began on a higher note, thereby reducing the demand for the safe-haven and non-interest-bearing asset.
Understanding price patterns like head & shoulders, double tops, and double bottoms is crucial in MCX Gold and Silver trading. These patterns help traders anticipate price movements, identify entry and exit points, and navigate the market with confidence.
MCX will start Tuesday's trade with delay. Gold futures were up by Rs 12 and traded at Rs 62,090 per 10 grams on the MCX. Silver futures, on the other hand, witnessed a hike of Rs 40 or 0.06 per cent and traded at Rs 71,049 per kg.
In a Bull Call Spread strategy, a trader simultaneously buys a call option while selling another call option with a higher strike price. This strategy is ideal when a moderate upside in the price of MCX Gold or Silver is anticipated. The goal is to capitalize on the potential price increase while offsetting the cost by selling a higher-strike call option.
"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."