Gold prices on Friday were trading flat in India. On the Multi-Commodity Exchange (MCX), gold futures dropped 0.04 per cent at Rs 46,853 for 10 grams at 1020 hours IST on June 25. Silver, however, witnessed a marginal jump on Friday. July silver futures were up by 0.10 per cent at Rs 67,799 a kilogram.
In the international market, gold prices held steady on Friday as investors awaited US inflation data due later in the day. Spot gold was flat at $1,773.52 per ounce by 0104 GMT. Prices have risen 0.6% so far this week. US gold futures eased 0.2% to $1,773.60 per ounce, according to Reuters.
“We expect demand for physical gold and silver will remain elevated, not only from traditional investors but also from a wider array of investors seeking a safe-haven option to hedge against market volatility. Technically, August gold futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,826.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week’s high of $1,795.60 and then at $1,800.00. First support is seen at today’s low of $1,772.70 and then at last week’s low of $1,761.20,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
“July silver futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. A bear flag or bearish pennant pattern may be forming on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at this week’s high of $26.37 and then at $26.555. Next support is seen at today’s low of $25.865 and then at this week’s low of $25.58,” he added.
“Gold and silver both are trading at oversold zone. Momentum indicator RSI is also creating positive divergence on four hourly chart. So traders are advise to create long position in Gold – Silver near support levels and traders should also focus important technical levels given below for the day: August Gold closing price Rs 46,870, Support 1 – Rs 46,650, Support 2 – Rs 46,500, Resistance 1 – Rs 47,100, Resistance 2 – Rs 47,350. July Silver closing price Rs 67,733, Support 1 – Rs 67,200, Support 2 – Rs 66,600, Resistance 1 – Rs 68,200, Resistance 2 – Rs 68,850,” Khare added.
“International spot gold and silver prices have started flat this Friday morning in Asian trade as markets the release of PCE Index data, which is keenly tracked by the Fed. Technically, LBMA Gold Spot is intact in a narrow range where it’s holding a support near $1771-$1762 levels. Resistance is at $1779-$1785 levels.LBMA Silver is trading above $26.00 level where further could see $26.30-$27.50 levels. Support is at $25.50-$24.90 levels. Domestic gold and silver prices could start flat on Friday morning, tracking overseas prices,” said Sriram Iyer, senior research analyst at Reliance Securities.
“On the domestic front, MCX Gold August is holding a support near 100-DMA which is placed at 46900 levels above which could see an upside move Rs 47,200-47,350 levels. Support is at Rs 46,800-46,600 levels. MCX Silver July holds a support near Rs 67,000-65,900 levels. Resistance is at Rs 68,200-68,200 levels,” he added.
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