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Gold rebounded almost 1.5 percent yesterday, as investors to buy at lower prices on hopes the tumble was a healthy correction rather than the start of a bear market. However, open interest in gold futures in COMEX declined 3.6 percent on Wednesday after a steep plunge in prices. Gold hit an intra-day high of $1725/oz and ended its trading session at the level of $1715/ yesterday. On the MCX, Gold April contract declined slightly by 0.1 percent on Thursday and touched an intra-day low of Rs27,730/10 gms.
Spot silver prices surged sharply by 2.5 percent on Thursday, mainly taking cues from rise in gold prices coupled with upbeat sentiments in the global markers. Silver being an industrial metal also took cues from upside in base metals yesterday. The white metal hit an intra-day high of $35.62/oz and ended its trading session at the level of $35.4/oz on Thursday. MCX Silver May contract rose around 1 percent and touched an intra-day high of Rs58,771/kg yesterday.
Technical Outlook For Bullions
| Commodity | Unit | Support | Resistance |
| Spot Gold | $/oz | 1712/1698 | 1732/1745 |
| MCX Gold Apr’12 | Rs/10 gms | 27774/27606 | 28066/28190 |
| Spot Silver | $/oz | 35.15/34.68 | 35.93/36.40 |
| MCX Silver May'12 | Rs/kg | 60076/59443 | 61261/61890 |
