Gold, silver bears control action

As anticipated, bears struck back on the bullion counters yesterday.

December gold and silver were unable to break the resistance levels of Rs 9,170/10gm and Rs 19,030/kg, respectively, as the bears held sway.

Gold futures settled at $618.30, down $9.40. Gold is supported at $610 as well as the psychologically significant mark of $600. Resistance is seen at $631.

Silver also fell under selling pressure, and tested the support level of $12.22. Resistance is seen at $12.80.

Silver bulls appear stronger than gold bulls but players focusing on the buy-side need to realise that an attempt to test lower levels in the next few sessions is likely.