Gold and silver prices rebounded on Thursday, October 15, following a sharp decline in the previous session. The recovery was driven by buying at lower levels and a slight easing in crude oil prices. On the global market, gold futures on Comex were trading near $4,170 per ounce, while silver was trading near $56 per ounce.
In the domestic market, gold futures on the Multi Commodity Exchange (MCX) opened ₹1,634 higher at ₹1,47,482 per 10 gram, and were trading ₹1,550 higher at ₹1,47,398 at the time of writing. Silver futures on the MCX opened ₹690 higher at ₹2,09,028 per kg and were trading ₹832 higher at ₹2,09,170.
According to Ajay Kedia, director of Kedia Advisory, gold was technically witnessing fresh selling pressure. Open interest rose 0.23 per cent to 17,588 contracts amid a ₹2,602 decline in prices. Kedia noted that gold has support at ₹1,44,770, with a fall below this level potentially taking prices towards ₹1,43,700. On the upside, resistance is seen at ₹1,47,780, with prices potentially rising towards ₹1,49,710 if sustained above this level.
Silver was also witnessing fresh selling pressure from a technical perspective. Open interest rose 7.24 per cent to 20,688 contracts amid a ₹10,879 decline in prices. Kedia highlighted that silver has support at ₹2,04,380, with a fall below this level potentially taking prices towards ₹2,00,420. On the upside, resistance is seen at ₹2,15,890, with prices potentially rising towards ₹2,23,440 if sustained above this level.