Gold price in India remained stable on Tuesday. On the Multi Commodity Exchange (MCX), the gold contract for October was trading flat on August 17 at 0915 hrs at Rs 47,230 per 10 grams. The yellow metal had corrected after a volatile session early last week. However, after the previous trading session, silver prices saw a jump on Tuesday. The futures of the precious metal jumped 0.26 per cent to Rs 62,620 on August 17.
The yellow metal prices remained stable in the international market. Gold price hovered near one-week high. Spot gold was trading marginally higher at $1,787.90 an ounce as of 0105 GMT. US gold futures fell 0.1 per cent to $1,788.40 an ounce. Silver rose 0.3 percent to $23.89 an ounce. The US dollar remained strong against other peers. Investors eagerly await the minutes of the Federal Reserve’s July meeting on Wednesday for signs of a reduction in US central bank stimulus funds. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.1 per cent to 1,020.63 tonnes on Monday.
“International spot and futures gold and silver prices have weakened marginally in Asian trade this Tuesday morning. However, the downside remained in the form of support for safe haven demand amid rising cases of delta variants offsetting pressure from a stronger dollar. Technically, LBMA Gold will continue its rally towards the $1792-$1805 level. Support is at the $1774-$1765 level. LBMA Silver could see a move above the $23.00 level at $24.10-$25.22. Support lies at $23.40-$22.65 levels,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
“Domestic Gold and Silver prices and Bullion Index futures may weaken marginally on Tuesday morning, keeping track of overseas prices. On the domestic front, MCX Gold may witness a rally up to Rs 47,250-47,400 in October, with support at Rs 47,050-46,900 levels. On MCX, silver can come above Rs 63,000 in September at the level of Rs 63,800-64,400. Support is at Rs.62,900-62,000 levels. MCXBULLDEX May trade on a bullish note with levels of Rs 13,950-14,350,” Iyer said.
“The yellow metal has made a solid recovery from August lows and the bulls and bears are now back at overall near-term technical play levels. More gains this week will give the bulls control of the charts again. Slightly higher concerns in the market earlier this week also produced safe-haven demand.October gold futures were down $3.50 to $1,772.50 and September Comex silver was down $0.309 to $23.475 an ounce.
“Gold has made a solid recovery from August lows and the bulls and bears are now back at overall near-term technical play levels. More gains this week will give the bulls control of the charts again. Slightly higher concerns in the market at the start of the week also produced safe-haven demand.October gold futures were down $3.50 to $1,772.50 and September Comex silver was down $0.309 to $23.475 an ounce.Key Externals The US dollar index is looking slightly stronger in the markets today. Nymex crude oil futures are trading lower and trading around $67.50 a barrel. Meanwhile, the yield on the benchmark US 10-year treasury note is currently gaining 1.263 per cent. has been,” Khare said.
“We are witnessing short covering rally in Gold and Silver from last three trading sessions which may continue for next few trading sessions. The momentum indicator RSI also intervened in a strong zone according to the hourly as well as the daily chart. Traders are therefore advised to create fresh long positions in Gold and Silver, traders should also pay attention to the below mentioned important technical levels for the day: August Gold Close at Rs 47,225, Support 1 – Rs 46,950, Support 2 – Rs 46,700, Resistance 1 – Rs 47,500, Resistance 2 – Rs 47,750. September silver closing price is Rs 63,457, Support 1 – Rs 62,800, Support 2 – Rs 62,000, Resistance 1 – Rs 64,100, Resistance 2 – Rs 64,650,” he further mentioned.
“The precious metal is again revisiting its key resistance area of $1790/oz, which was prior to the sharp selloff. Gold trades near $1700/oz with some strong price action amid mild concerns in the market. Has managed to recover from rising demand for central banks especially in India and Brazil which will act as additional price support, while the global positive equity market, Crypto Buzz sees the precious metal making big moves and selling it to $1760- Will keep it within the range of $1835. Gold sentiment on MCX is positive and is expected to remain in the range of Rs 47,000-48,000 in the short term. Strategic position participants are advised to hedge it while lowering the levels Tactical position taken from Can be pocketed. Key Level for Gold August Contract – Rs 47,107. Buy Zone above – Rs 47,110 with target Rs 47,398-47,500. Sell Zone Below – Rs 46,934-46,700 target 47,100 for Rs,” said Sandeep Matta, Founder, TRADEIT Investment Advisors.
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