| | R1 | R2 | S1 | S2 |
| Gold | 29045 | 29236.85 | 28705 | 28857 |
| Silver | 56633 | 57153.58 | 55774.69 | 55440.2 |
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The ECB cut its level interest rate by 0.25%, bringing rates back to a record low of 1%. Elsewhere on the Comex, silver for March delivery settled at USD32.25 a troy ounce by close of trade on Friday, slumping 1.22% on the week, while copper for March delivery settled at USD3.572 a pound, shedding 0.35% over the week.
In the week ahead, investors will keep a close eye on the borrowing costs of troubled euro zone states, as a rise in bond yields could prompt a rating cut after Standard & Poor's warned that it may carry out a mass downgrade of 15 euro zone members. The Official data shows that the consumer price inflation rose 4.2% in November, the smallest gain in 14 months, easing sharply from 5.5% in October. The data boosted assumption that further monetary easing measures in the near-term to help bolster growth in the world's second biggest economy.
In Jaipur market, Pure silver (999 purity) was estimating down Rs 800 at Rs 55600 and in Delhi market it was down Rs 750 at Rs 55500.
Spot Silver Rates in major metros in India:
Spot Silver Rates in major metros in India:
| City | Silver 999 | Change |
| Mumbai (Dec 09) | 56156 | -909 |
| Ahmedabad (Dec 09) | 55247 | -934 |
| Chennai (Dec 09) | 55400 | 400 |
| Delhi (Dec 09) | 55500 | -750 |
| Jaipur (Dec 09) | 55600 | -800 |
Gold futures have been trading in a much tighter range than usual during current sessions. It is a turnabout from large volatility over the past several months, said our share tips expert.
Analyst with our MCX Tips Expertise said, “The gold volatility indexes GVX and GVZ have moved into the mid-20s, down over 15 points from recent highs. Traders are being struggling between a number of market forces that have pulled the market in different directions. An uncertain economic outlook and the firm dollar have weighed on metals prices.”
“Technically, February gold’s trading range continues to tighten, forming a large wedge. The market direction is not known, however the elevation of the section or triangle suggests that the potential move could be explosive,” share tips experts concluded.
Analyst with our MCX Tips Expertise said, “The gold volatility indexes GVX and GVZ have moved into the mid-20s, down over 15 points from recent highs. Traders are being struggling between a number of market forces that have pulled the market in different directions. An uncertain economic outlook and the firm dollar have weighed on metals prices.”
“Technically, February gold’s trading range continues to tighten, forming a large wedge. The market direction is not known, however the elevation of the section or triangle suggests that the potential move could be explosive,” share tips experts concluded.
MCX Support and Resistance
Support and Resistance for Gold
R2 is 29570.20 and R1 is 29300.15
S1 is 28845.50 and S2 is 28599.70
MCX Gold can buy on Dips
Support and Resistance for Sliver
R2 is 59950.25 and R1 is 58200
S1 is 56400 and S2 is 54800.10
MCX Silver can buy on Dips
Support and Resistance for Gold
R2 is 29570.20 and R1 is 29300.15
S1 is 28845.50 and S2 is 28599.70
MCX Gold can buy on Dips
Support and Resistance for Sliver
R2 is 59950.25 and R1 is 58200
S1 is 56400 and S2 is 54800.10
MCX Silver can buy on Dips
