Commodities
Gold and Silver Prices Rebound Amid Support Levels
Precious metals prices declined last week as gold and silver fell by 0.6 percent and 0.2 percent respectively in global markets.
In India, gold futures on the Multi Commodity Exchange (MCX) lost 2.2 percent while silver futures were down 2 percent.
The MCX-Gold futures contract hit a low of ₹1,49,665 but rebounded due to support at ₹1,50,000, where the 50-day moving average and the 61.8 percent Fibonacci retracement of the recent rally coincides.
Experts believe that as long as this base remains valid, the outlook will be positive and a rally is expected to resume. In the near-term, gold futures can surpass the prior high of ₹1,64,773 and touch ₹1,67,000.