Silver Shows Buying Opportunity Near Rs. 1,53,000 as Gold Falls, Experts Advise Caution on MCX – What’s Behind the Sudden Drop?

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Gold price fell on MCX on November 24 as traders reacted to weaker hopes of a US Fed rate cut. The MCX gold December contract traded near Rs. 1,22,950 per 10 grams, down 1 percent in early hours. MCX silver also moved lower during the session.

Impact of US Economic Data on Gold

Strong US job data played a big role in the fall. The latest report showed a sharp rise in nonfarm payrolls. This pushed the dollar index higher and reduced interest in gold. A stronger dollar often hurts gold because it raises the cost for global buyers.

Sentiment also changed due to easing geopolitical tensions. Reports of progress in talks linked to the Russia-Ukraine conflict lowered safe-haven demand. Discussions on tariffs added more pressure. These factors removed fresh triggers that usually support the gold price.

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Analysts’ Outlook for Gold and Silver Movement

Market experts expect more corrections ahead. One analyst noted that international gold may slip toward $3,900. On the MCX, gold may move near Rs. 1,18,000 if global cues remain weak. This view signals caution for new large entries in gold at the moment.

Some analysts see better setups in silver. Silver trades show clear support near Rs. 1,53,000. Experts suggest selective buying around that range with small stop loss levels. Targets remain near Rs. 1,55,500 and Rs. 1,57,000 based on current charts.

Support and resistance levels show a tight trading zone. International gold support sits around $4,000 with resistance near $4,110 to $4,140. On MCX, support appears near Rs. 1,22,500 to Rs. 1,23,300. Resistance stays close to Rs. 1,24,750 and Rs. 1,25,500. These levels guide both traders and investors.

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The broader trend still depends on US economic data. A movement in the dollar index or new statements from the Fed can shift the gold price again. Furthermore, global events or developments related to Russia-Ukraine and trade negotiations (tariff talks) will also influence sentiment.

Long-term demand for gold remains steady due to inflation risks and central bank buying. Experts suggest slow buying in small parts instead of a single large purchase. This approach helps manage sharp moves during volatile phases.