Gold prices in India recorded a fall on Tuesday. There was a slight rise in the price of the yellow metal during the previous session. On January 18, at 0955 am on the Multi Commodity Exchange (MCX), gold futures fell by 0.05 per cent to Rs 47,892 per 10 grams. Silver fell sharply on Tuesday. The precious metal’s futures fell 0.31 per cent to Rs 61,705 per kilogram on January 18.
The yellow metal remained flat on Tuesday in the international market. Spot gold prices were little changed at $1,818.87 an ounce as of 0022 GMT. US gold futures rose 0.1 per cent to $1,818.50. The US 10-year Treasury yield jumped on Thursday. The focus is now on the US Federal Reserve’s January 25-26 meeting after policymakers indicated they would start raising interest rates in March to tame inflation.
“Gold prices on MCX have bounced strongly from support of Rs 47,300 with strong volumes. Now a consolidation mode in gold is technically setting up for a breakout near the 48000 level resistance. The chart pattern is giving positive signals on intraday and daily basis. It is advisable to keep an eye on key levels before taking new positions in gold. Buy zone above – Rs 48,000 with target of Rs 48,500. Sell zone below – Rs 47,600 with a target of Rs 47,600,” said Dr Ravi Singh, Vice President and Head of Research, ShareIndia.
“Gold and Silver prices are showing some weakness on the daily chart. So there are chances of some profit booking at higher levels, the momentum indicator RSI is also indicating the same in the hourly as well as the daily charts. Traders are therefore advised to book profits on the buy side and also create new sell positions near the given resistance levels, traders should watch out for the below important technical levels for the day: Gold in February Close of Rs 47,917, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – Rs 48,000, Resistance 2 – Rs 48,100. March silver closing price is Rs 61,898, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance Rs 1 – 62,260, Resistance Rs 2 – 62,600,” said Amit Khare, AVP-Research Commodity, Ganganagar Commodity Ltd.
“International gold spot and futures opened Tuesday morning with minor gains in Asian trade, tracking a softening of the US dollar. However, consolidating US bond yields on expectations of a rate hike will continue to cast an upward shadow. Technically, if LBMA Spot Gold trades above the $1820 level, it could witness a rise to the $1833-$1846 level. “A trade below could pull the price back into the support zone towards the $1814-$1802 levels,” said Sriram Iyer, Senior Research Analyst, Reliance Securities.
In view of the positive opening in overseas prices, domestic gold prices may start with minor gains on Tuesday morning. Technically, if MCX Gold trades above the level of February 47,895 then it can see a rise to Rs 47,985-48,055. A break below may pull the prices back towards the support area of Rs 47,825-47,735,” Iyer said.
On silver price, Iyer remarked, “In view of the softening of the US dollar, the Asian trade on Tuesday morning started with marginal gains in international silver prices. Technically, if LBMA Spot Silver trades above the $23.00 level, it could witness a bullish move towards the $23.60-$23.99 level. The support area is located at the $22.50-$22.33 level. Domestic silver prices may start with gains on Tuesday morning due to keeping an eye on overseas prices. Technically, if MCX Silver trades above the March level of Rs 61,870, then it could witness a rally towards the Rs 62,090 to Rs 62,280 resistance area. The support zone is Rs 61,680-61,460.
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