Tracking international competitors, gold prices in India rose on Tuesday. On the Multi Commodity Exchange (MCX), the gold contract in August rose by 0.34 percent to Rs 47,459 on 10 grams on July 6 at 0940 hrs. Silver futures for September were trading 0.37 per cent higher at Rs 70,298 per kg.
The price of gold in the international market reached a new high in about three weeks. Spot gold rose 0.4% to $1,798.46 an ounce as of 0315 GMT, its highest level since June 17. US gold futures rose 0.8% to $1,798.10 an ounce, according to Reuters. The dollar fell 0.1% last week, moving from a three-month high. Investors eagerly await minutes from the US Federal Reserve for clarity on monetary policy due on Wednesday.
“International spot gold and silver prices have turned flat in Asian trade this Tuesday morning. Investors will be looking for information on when the FOMC may reduce its asset purchases and increase US interest rates. Technically, above the $1790 level, LBMA Gold will continue its upward move towards the $1805-$1820 level. Support is at the $1783-$1775 level. Investors will look for cues from the language on inflation. LBMA Silver has a 200-daily moving average placed above the $25.70 level, which will continue its upward trend and may see further levels at $26.55-$27.40. Support lies at the $25.80-$24.60 level,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
“Keeping an eye on overseas prices, domestic gold and silver prices may start flat this Tuesday morning. On the domestic front, MCX Gold holds strong support near the August level of Rs 47,150-47,000. Resistance is near Rs 47,400-47,700 level. On MCX, silver will continue to rise above Rs 69,000 level to Rs 70,700-71,400 in September. Support is at Rs 69,600-68,300 level.
According to the latest trading data from the Commodity Futures Trading Commission (CFTC), “bearish bets continue to dominate the gold market, even as some hedge funds withdraw some of their investment waters as the market trades some two-month lows.” Looking for Support. CFTC Reports Separate Commitments of Traders for the Week Ended June 29 Money Managers Increase their Speculative Gross Long Positions in Comex Gold Futures From $5,400 Contracts to $115,438 At the same time, short positions increased by $6,554 contracts to $54,056. Amit Khare, AVP – Research Commodities, Ganganagar Commodities Ltd. said, “The gold market has seen a decline in its net length for four consecutive weeks and is now up from last week. 3% down, down 3% from the previous week and at its lowest level.
“Gold and Silver are giving gap up opening as per current COMEX prices, technical charts are indicating some profit booking at higher levels. Traders are therefore advised to book their longs at higher opening prices and take some short positions in Gold, Silver near the given resistance levels, traders should also take note of the below mentioned important technical levels for the day Should give: August Gold closing price Rs 47,299, Support 1 – Rs 47,200, Support 2 – Rs 47,000, Resistance 1 – Rs 47,800, Resistance 2 – Rs 48,100. September silver closing price Rs 70,039, support 1 – Rs 69,500, support 2 – Rs 68,900, resistance 1 – 70,700, resistance 2 – Rs 71,300.
“Gold continues its range-bound bullish behavior and appears to have found short-term support near $1,750 an ounce. Central banks in many countries may consider gold prices in the near future as a fundamental measure against inflation and other types of financial risks. Unveiling their plans to increase their holdings, Sandeep Matta, Founder, TRADEIT Investment Advisor said, “The formation of higher highs on a daily basis is encouraging and looks like the yellow metal is set to break the $1800 mark soon.
“Gold on MCX repeated the same behavior of the global market and closed on a positive note. We are positive on gold for the next few days and expect a jump in prices on technical parameters. Key Level for Gold August Contract – Rs 47,325. Buy area – Rs 47,335 with target of Rs 47,440-47,600. Sell area below – Rs 47,300 target of Rs 47,190-47,100,” said Matta.
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