The MCX Gold was trading at Rs 30,320 per 10 grams, down by Rs 82, while the MCX Silver was trading at Rs 35,775 per kilo, lower by Rs 3 around 11:15 am.
Motilal Oswal Securities expects gold to quote in the range Rs 30,225 and Rs 30,780 in the domestic market today.
“MCX Gold remains bearish as long as Rs 30,780 is capped as a short-term resistance. It has immediate resistances at Rs 30,470-30,510, whereas a support remains at Rs 30,340. A sustained trade below this level could make gold test lower support at Rs 30,225-30,175,” said Motilal Oswal Securities.
“MCX Silver has a short-term resistance at Rs 36,200-36,400 and the trend remains bearish below it. Lower support remains at Rs 35,700 and a sustained trade below this level could increase bearish momentum and the prices could possibly test lower supports at Rs 30,350-30,250,” the brokerage said.
The brokerage advises selling on rise in both the commodities.