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Due to lack of clear signals from the international market, gold and silver is being witnessed in the weak business. Light falling on MCX gold is trading down to Rs 28076. Silver on MCX has recovered slightly and was trading below Rs 56795.
Spot gold has fallen below the 200-day simple moving average again and formed a death cross, a technical sell sign, for the second time in less than four months.
This could be a more reliable sell signal than the death cross that appeared in mid December and point to a bearish 2013 for the gold market because a repeat death cross can indicate that the market is ready for a sharp correction.
Taking cues from rise in gold prices coupled with upside in base metals pack, spot silver rose around 0.6 percent till 4.30 pm IST today. Additionally, weakness in the US dollar index also acted as a supportive factor for the white metal prices.
