Gold Rate Today: Gold drops on strength in US dollar. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
Gold traded rangebound on Monday though the bias remained negative on account of a positive dollar index (DXY) which has stayed above the 102 mark against a basket of six top currencies.
The October gold futures were trading with declines at Rs 59,516 per 10 grams on the MCX in the opening trade, down Rs 11 or 0.02%. Meanwhile, September Silver futures were trading at Rs 72,230, down Rs 248 or 0.34%. Click to know more
MCX gold gained 0.15% at the close on Friday, while silver futures fell 0.05% or Rs 34.
On the Comex, Gold futures were trading at $1,975.60 per troy ounce on Monday, down $0.50 or 0.03% while Silver futures trading at $23.630, up $0.086 or 0.360%.
“Bullion daily charts are trading at the demand zone, with good upside movement seen in the near term. The momentum indicator RSI also indicates the same so traders are advised to make fresh buy positions in Gold and Silver near the given support level with a stop loss of at the support. Investors should book profit near the given resistance levels,” Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.
Support in Gold October futures is seen at Rs 59,350-Rs 59,100 and resistance is seen at Rs 59,700-59,900. As for September Silver futures, support is seen at Rs 72,000-71,400 and resistance at Rs 72,700-73,200.
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said that on the daily chart, gold futures are forming an upward slanting line. The market is now quite close to this line, so it’s worth paying attention, she warned. “In terms of levels where prices might find support or face resistance, we expect support around 59,200 and 58,800, while resistance could be encountered at 60,000 and 60,400,” she said.
The price of physical gold in bullion markets in Delhi-NCR is around Rs 60,500 per 10 grams while that of Silver is Rs 74,500 per kg, Gupta said.
Intraday Trading Strategy by Neha Qureshi
– Sell MCX October Gold futures at Rs 59,500 with a stop loss of Rs 59,800 and a price target of Rs 59000
– Sell MCX September Silver futures at Rs 72,500 with a stop loss of Rs 73500 and a price target of Rs 70,500.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)