Gold price in India was trading flat on Wednesday. The yellow metal saw a huge drop in the previous session. On the Multi-Commodity Exchange (MCX), October gold contracts rose marginally 0.08 per cent to Rs 47,902 for 10 grams at 0955 hours. Silver price saw a jump on August 4. The precious metal was up by 0.23 per cent to Rs 68,068 on Wednesday. In the international market, gold price edged higher on Wednesday on the back of subdued dollar. Spot gold rose 0.2% to $1,814.27 per ounce by 0303 GMT, while US gold futures were 0.1% higher at $1,816.00. The dollar was recorded near recent lows against other currencies. Investors are keeping an eye on US jobs data on the labour market recovery. The National Employment Report by payrolls processing firm ADP due later in the day.
“Gold and Silver showed a mixed movement on Tuesday, On the Multi-Commodity Exchange (MCX), October gold contracts closed lower by 0.46% at Rs 47,864 for 10 grams. While September contract silver futures closed on Tuesday 0.04% slightly higher at Rs 67,914 a kilogram. Yesterday October Gold made a low of 47814 and then made a high of 47990, And Silver made a low of 67283 then made a high of 68060. Gold and Silver are giving some positive signal on daily chart, momentum indicator RSI also indicating the same on hourly chart, So traders are advise to create fresh long position near given support levels, traders should also focus important technical levels given below for the day:
August Gold closing price 47,864, Support 1 - 47800, Support 2 - 47600, Resistance 1 - 48000, Resistance 2 - 48200. September Silver closing price 67,914, Support 1 - 67450, Support 2 - 67000, Resistance 1 - 68350, Resistance 2 - 69000," said Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited.
Sandeep Matta, Founder, TRADEIT Investment Advisor said, “The gold prices continue to trade under pressure and trading below all the leading momentum indicator maintaining crucial support at $1790 an ounce. Market participants are eyeing on US non-farm payrolls data to be release on this Friday while precious metal is like to trade directionless in absence of any fresh catalyst. Gold on MCX is traded negatively and closed below the key phycological level of 48000 while completely ignoring low growth-high inflation scenario in globally. Indian equity indices have made a record high in yesterday’s session keeping precious metal market participants a bit nervous. Our view on gold is neutral today as the prices are going nowhere and becoming purely a day trader’s play while respecting all key pivotal level both the sides. Key level for GOLD AUG Contract – 47886 Buy Zone Above – 47900 for the target of 47998-48078
Sell Zone Below– 47875 for the target of 47782-47705"
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