Gold Price Today: Yellow metal opens at Rs 72,966/10 grams, silver at Rs 893,380/kg
Post a downbeat U.S. job data, prices of gold and silver steadied. Gold August futures contracts and silver September futures contracts on Monday opened flat at Rs 72,966 per 10 grams and Rs 93,380/kg respectively.
Gold August future contracts at MCX opened flat today at Rs 70,977 per 10 gram, which is down by merely 0.16% or Rs 112 while silver September futures contracts were trading at Rs 88,743/kg, down by 0.44% or Rs 392.
Gold and silver gained and hit one month high after downbeat U.S. job data and weakness in the dollar index. On Friday, gold and silver settled on a positive note in the domestic and international markets. Gold August futures contract settled at Rs 73,051 per 10 grams with a gain of 0.95% and silver September futures contract settled at Rs 93,554 per kilogram with a gain of 1.73%.
The U.S. non-farm employment showed a reading of 2,06,000 in the month of June against previous months job data of 2,18,000. The U.S. unemployment rate also surged to 4.1% against the previous month’s reading of 4.0% and supported gold and silver prices.
Today, the US Dollar Index, DXY, was hovering near the 104.89 mark, rising 0.01 or 0.01%.“On the daily chart, MCX Gold (Aug) has given a breakout of its descending triangle pattern forming a bullish engulfing candlestick pattern indicating bullish sentiments. Currently, it is trading above its 21 and 50-day EMAs, reinforcing our bullish outlook. Resistance levels are around 73,400 and 74,000, while support levels are at 72,600 and 72,200” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.Intraday Trading Strategy by Neha Qureshi:
- Buy MCX August gold futures at Rs 73,000 with a stop loss of Rs 72,600 and a price target of Rs 73,500
- Buy MCX September silver futures at Rs 93500 with a stop loss of Rs 92,500 and a price target of Rs 95,500
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)