views
Gold price in India edged higher on Wednesday. On the Multi-Commodity Exchange (MCX), October gold contracts jumped Rs 47,378 for 10 grams at 0905 hours on August 18. This was the highest price gold has touched in a week. Following the yellow metal, Silver also rose on Wednesday. The precious metal’s future jumped 0.35 per cent to Rs 63,447 on August.
In the international market, gold prices remained flat on Wednesday. Spot gold was flat at $1,785.66 per ounce by 0103 GMT. US gold futures were flat at $1,787.20. The dollar hit a nine-month high against the euro on Wednesday. Higher dollar means the safe-haven asset will become expensive for other currencies. Silver rose 0.1% to $23.65 per ounce. The high dollar price and jump in Covid-19 cases driven by the Delta variant kept the yellow metal price flat in early trading on Wednesday. All eyes are now on the minutes from Fed’s July meeting for any guidance on taper plans.
“International spot and futures gold & silver prices have started flat this Wednesday morning in Asian trade ahead of the release of FOMC meeting minutes tonight. Technically, LBMA Gold is trading near 21-Daily Moving Average which is placed at $1789 levels above which will continue its uptrend up to $1802-$1821 levels. Support is at $1783-$$1771 levels. LBMA Silver above $23.00 level could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels,” said Sriram Iyer Senior Research Analyst at Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat this Wednesday morning, tracking overseas prices. On the domestic front, MCX Gold October could see a bullish momentum up to Rs 47,450-47,600 levels support is at Rs 47,150-47,000 levels. MCX Silver September above Rs 63,000 level could see Rs 63,900-64,400 levels. Support is at Rs 62,900-62,000 levels. MCXBULLDEX May could trade on Bullish note with in the range of Rs 14,100-14,350 levels,” he added.
“The gold market bulls have gained the slight near-term technical advantage. More anxiety in the marketplace early this week has added some support to the precious metals markets, on safe-haven demand. October gold futures were last down $4.70 at $1,782.90 and September Comex silver was last down $0.146 at $23.645 an ounce. The key outside markets today see the US dollar index solidly up. Nymex crude oil futures prices are lower and trading around $66.70 a barrel. Meantime, the yield on the benchmark US 10-year Treasury note is presently fetching 1.23%,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited
“Technically, gold bulls have gained the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00,” Khare added.
“Gold and silver are making bottom. We are seeing short covering rally in gold and silver since last 3-4 trading sessions, which may continue for next few trading sessions. Momentum indicator RSI also interred in strong up zone as per hourly as well as daily chart. So traders are advised to create fresh longs positions in Gold and Silver, traders should also focus important technical levels given below for the day: August Gold closing price Rs 47,280, Support 1 – Rs 47,000, Support 2 – Rs 46,800, Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,700. September Silver closing price Rs 63,226, Support 1 – Rs 62,700, Support 2 – Rs 62,000, Resistance 1 – Rs 63,700, Resistance 2 – Rs 64,200,” he added.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment