Tracking international competitors, gold prices in India witnessed a sharp fall on Tuesday. On the Multi Commodity Exchange (MCX), October gold futures fell by 0.19 per cent to Rs 46,191 to close at 0920 hrs on September 21. Silver price remained flat on 21st September. The precious metal futures was trading at Rs 59,622. A gain of 0.02 per cent on September 21. Gold prices remained flat in the global market on Tuesday. Spot gold was stable at $1,763.60 an ounce as of 0123 GMT. US gold futures were flat at $1,764.40.
Investors await the outcome of the US Federal Reserve’s policy meeting on Wednesday. The central bank is expected to give an indication of when it will start reducing its asset purchases. However, the dollar was trading marginally in the red and limited downside was registered for gold. The US dollar continued to strengthen against a basket of currencies on Monday amid a safe appeal for the greenback and capped the upside.
“International gold spot and futures opened marginally higher in Asian trade on Tuesday morning. Technically, LBMA Gold has bounced back from the $1745 level, where it can see the $1771-$1783 level. Support is at the $1758-$1747 level. Domestically, gold futures on MCX may open marginally in the green in Tuesday’s morning trade, tracking overseas prices. Technically, MCX Gold may see bearish momentum below the Rs 46,300 level towards Rs 46,000-45,800 levels in October. Sriram Iyer, Senior Research Analyst, Reliance Securities said, “Resistance lies at Rs 46,300-46,500 level.
“Gold prices jumped slightly on Monday as concerns about the solvency of asset group China Evergrande weighed down world stocks, risk aversion, while traders looked at the outcome of this week’s US Federal Reserve policy meeting. looked forward to. Overall, we expect gold prices to consolidate in the range of Rs 45,800-46,400 for the day,” ICICI Securities said in a report.
“The Evergrande crisis comes as the US Federal Reserve’s two-day monetary policy meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. Markets are wondering if this week will begin. Discussions over the timing of the Fed to ease its bond-buying program will be affected by a large sell-off in global stock and financial markets in the U.S. Major external markets yesterday saw the US dollar index slightly higher and overnight near four-week highs.Nymex Crude Oil futures are trading lower and trading at around $70.50 a barrel. Meanwhile, the yield on the benchmark US 10-year Treasury note is currently yielding 1.307 per cent,” said Amit Khare, AVP- Research Commodities, Ganganagar Commodities. Ltd said.
“As per the technical chart both the metals are trading in oversold zone which means at any point of time we can see a good short covering rally in bullion. Momentum indicator RSI is also indicating the same and is creating a strong positive divergence in the four hourly as well as the daily chart. Hence traders are advised to create fresh buy positions in Gold and Silver, traders should keep an eye on the below mentioned important technical levels for the day: October Gold closing price 46278, Support 1 – Rs 46,000, Support 2 – 45800, Resistance 1 – Rs 46,550, Resistance 2 – Rs 46,800.
International silver spot and futures prices improved marginally and trade in Asia is trading in green in the early hours of Tuesday. “Technically, LBMA Silver may witness a minor downside movement below the $22.50 level to $21.80-$20.35 level. Resistance is at $22.96-$23.40 level. Domestically, Silver futures on MCX on Tuesday morning. Trading may start marginally in green, keeping an eye on overseas prices. Technically silver on MCX could see Rs 59,300-58,000 levels below Rs 60,000 in December. Resistance 60,200- 61,000 is at the level of Rs.
“December silver closing price is Rs 59,609, Support Rs 1 – 59,000, Support Rs 2 – 58,000, Resistance Rs 1 – 60,150, Resistance Rs 2 – 60,700,” Khare said.
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