Gold and Silver Prices Plummet on Gap Down Opening
MCX Gold and Silver prices have been highly volatile after opening with a gap down today. The corrective trend that has dominated precious metals in recent sessions suggests that rallies may continue to attract selling pressure.
The MCX Gold October Futures traded around ₹155530 per 10 grams, while the MCX Silver September Futures traded near ₹236314 per kilogram at the European session. Traders are uncertain about the next directional move due to exceptionally high volatility.
A gap down opening, elevated volatility, and the approaching US trading session increase the probability of another round of aggressive profit booking, according to market analysis.
The combination of a weakening momentum, resistance at higher levels, sharp two-way moves, and selling pressure before the US markets open all support a bearish short-term outlook. Rather than chasing rebounds, traders should closely monitor rejection near resistance levels and maintain disciplined risk management.