Gold Price Today: Yellow metal stays strong above Rs 65,700 mark, gains Rs 122/10 grams on Friday. Time to book profit?
Gold traded on a positive note in the early trade on Friday. The MCX April gold futures were trading at Rs 65,717 per 10 grams, rising Rs 122 or 0.19% while the May Silver contract was trading at Rs 75,480 per kg around 9:40 am, up Rs 254 or 0.34%.
MCX Gold and Silver gave mixed closing on Thursday with the former settling with declines of 0.50% at Rs 65,595 while the latter ending with minor gains at Rs 75,226. The decline in gold was on account of an uptick in the dollar index (DXY) which has shotback above the 103 mark and extended five session gains by 0.72%.
Today around this time, DXY was hovering near the 103.44 mark, up by 0.08 points or 0.08%.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 66,000 per 10 grams while that of 1 kg of Silver is Rs 76,500, Gupta said.
Gold is set to end the week on declines, its first in four weeks due to higher-than-expected inflation data, which has led investors to adjust their expectations for when the Federal Reserve (Fed) might cut interest rates, Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said.”Recently released data showed a significant rise in US producer prices last month, mainly because of increased fuel and food costs. This situation has caused Treasury yields and the US dollar to rise, which negatively affects gold prices since gold doesn’t earn interest and is priced in dollars,” Qureshi said.On the technical charts, the MCX April Gold futures has developed an ‘Evening Star’ candlestick formation, signaling a potential downturn while RSI is indicating overbought conditions, which could lead to a further price correction, the Anand Rathi analyst said.
She sees resistance at Rs 65,830 -66,044 while support at Rs 65,055-Rs 64,680.
Intraday Trading Strategy by Neha Qureshi
– Sell MCX April Gold futures at Rs 65,600 with a stop loss of Rs 66,000 and a price target of Rs 65,000.
– Sell MCX MAY Silver futures at Rs 75,200 with a stop loss of Rs 76,200 and a price target of Rs 73,200.
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