Gold price in India remained steady on Tuesday. On the Multi-Commodity Exchange (MCX), October gold contracts was trading flat at Rs 47,230 for 10 grams at 0915 hours on August 17. After a volatile session at the starting of last week, alpha-beta brass had recovered. Silver, however, saw a jump in prices on Tuesday after a bumpy previous session. the valuable metal’s future jumped 0.26 per cent to Rs 62,620 on August 17.
In the international market, alpha-beta brass prices were remained flat. Gold price hovered around an over one-week peak. Spot gold was little changed at $1,787.90 per ounce by 0105 GMT. US gold futures eased 0.1 per cent to $1,788.40.Silver rose 0.3 per cent to $23.89 per ounce. The US dollar held firm against other rivals. The investors are keenly expecting the the minutes of Federal Reserve’s July meeting scheduled on Wednesday for cues on the US central bank’s stimulus tapering. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings dropped 0.1 per cent to 1,020.63 tonnes on Monday.
International spot and futures gold & silver prices have started flat to marginally weaker this Tuesday morning in Asian trade. However, downside remained capped as support from shelter demand amid rising Delta variant cases offset pressure from a firmer dollar. Technically, LBMA Gold will continue its bullish momentum up to $1792-$1805 levels. Support is at $1774-$1765 levels. LBMA Silver above $23.00 levels could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels,” said Sriram Iyer, senior research analyst, Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat to marginally weaker this Tuesday morning, tracking overseas prices. On the domestic front, MCX Gold October could see a bullish momentum up to Rs 47,250-47,400 levels support is at Rs 47,050-46,900 levels. MCX Silver September above Rs 63,000 level could see Rs 63,800-64,400 levels. Support is at Rs 62,900-62,000 levels. MCXBULLDEX May could trade on Bullish note with within the range of Rs 13,950-14,350 levels,” Iyer added.
The alpha-beta brass has made a solid recovery from the August lows and therefore the bulls and bears are now back on A level overall near-term technical playing field. More gains in the week would put the bulls back on top of things of the charts. a touch more anxiety within the marketplace early in the week also produced a touch of safe-haven demand. October gold futures were last down $3.50 at $1,772.50 and September Comex silver was last down $0.309 at $23.475 an oz ,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.
“Gold has made a solid recovery from the August lows and therefore the bulls and bears are now back on A level overall near-term technical playing field. More gains in the week would put the bulls back on top of things of the charts. a touch more anxiety within the marketplace early in the week also produced a touch of safe-haven demand. October gold futures were last down $3.50 at $1,772.50 and September Comex silver was last down $0.309 at $23.475 an oz . The key outside markets today see the US dollar index a touch firmer. Nymex petroleum futures prices are lower and trading around $67.50 a barrel. Meantime, the yield on the benchmark US 10-year Treasury note is presently fetching 1.263 per cent,” Khare added.
“We are seeing trading rally in Gold and Silver since last three trading sessions which can continue for next few trading sessions. Momentum indicator RSI also interred in strong up zone as per hourly also as daily chart. So traders are advised to make fresh longs positions in Gold and Silver, traders should also focus important technical levels given below for the day: August gold price 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 price 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 valuable has again reached to its key resistance zone of $1790/oz, the amount it had been holding before the sharp unload . Gold has managed to get over $1700/oz level with some strong price action amid mild anxiety within the marketplace. Central bank’s demand specially in India and Brazil is growing which can work as additional subsidy while global positive equity markets, crypto buzz will hold valuable to require big moves and keep it within the range of $1760-$1835. Sentiments of gold on MCX is positive and expected to stay within Rs 47,000-48,000 home in short run. Participants who have strategic position are advised to hedge it while tactical position taken from lower levels are often pocketed. Key level for gold August Contract – Rs 47,107. Buy Zone Above – Rs 47,110 for the target of Rs 47,398-47,500. Sell Zone Below – Rs 47,100 for the target of Rs 46,934-46,700,” said Sandeep Matta, founder, TRADEIT investment adviser .
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