Gold trades lower in early trade; may test Rs 29,150 in coming sessions
NEW DELHI: Gold and silver futures on the Multi Commodity Exchange (MCX) were trading lower in early trade on Thursday as the dollar recovered from seven-week lows and traders looked to see if US President Donald Trump could push through a healthcare bill.
The yellow metal was trading 0.18 per cent, or Rs 53, down at Rs 28,832 per 10 gram around 10.10 am (IST), while the white metal was down 0.03 per cent, or Rs 13, at Rs 41220 per 1 kg.
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 834.40 tonnes, remain unchanged from previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,342.04 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day. Gold prices are expected to correct till Rs 28,750 per 10 gram, if prices are stable one can buy for the target at Rs 29,050 per 10 gram with a stop loss below Rs 28590 per 10 gram. Silver prices are expected to test Rs 41,700-800. One can buy with a stop loss below Rs 40,500 per 1 kg.”
According to Choice Broking, MCX Gold price has moved above 20 EMA after several days. Moreover, the price has moved above the 38.20 per cent retracement of the previous fall from 29,785 to 27,907. The momentum indicator RSI has moved above 50 levels on the daily chart. On the other hand daily, MACD is entering the bullish crossover. For now, the brokerage house expects the price to move higher towards Rs 29150 per 10 gram in the coming trading sessions.
The yellow metal was trading 0.18 per cent, or Rs 53, down at Rs 28,832 per 10 gram around 10.10 am (IST), while the white metal was down 0.03 per cent, or Rs 13, at Rs 41220 per 1 kg.
SPDR Gold Trust GLD, the world's largest gold-backed exchange traded fund, said its latest holdings stood at 834.40 tonnes, remain unchanged from previous business day.
Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust SLV, stood at 10,342.04 tonnes, remain unchanged from previous business day.
Nirmal Bang Commodities in a research note said, “We expect prices to trade range bound for the day. Gold prices are expected to correct till Rs 28,750 per 10 gram, if prices are stable one can buy for the target at Rs 29,050 per 10 gram with a stop loss below Rs 28590 per 10 gram. Silver prices are expected to test Rs 41,700-800. One can buy with a stop loss below Rs 40,500 per 1 kg.”
According to Choice Broking, MCX Gold price has moved above 20 EMA after several days. Moreover, the price has moved above the 38.20 per cent retracement of the previous fall from 29,785 to 27,907. The momentum indicator RSI has moved above 50 levels on the daily chart. On the other hand daily, MACD is entering the bullish crossover. For now, the brokerage house expects the price to move higher towards Rs 29150 per 10 gram in the coming trading sessions.
