Meanwhile, the May silver contract was trading marginally lower at Rs 81,814, down Rs 61 or 0.07 per cent.
The increases in bullion prices are explained by the hope of a reduction in interest rates from the American Federal Reserve and by the increase in purchases of the yellow metal by global central banks. The Street will now follow developments around the US FOMC minutes, which are scheduled for publication on Wednesday.
The recent rise is due to slippages in the Dollar Index (DXY), which has declined by 0.63% over the past five trading sessions. Today, it was hovering near the 104.16 mark, up 0.02 or 0.02%.
June gold futures on MCX ended at Rs 70,931 on Monday, up Rs 19 or 0.03 per cent. Meanwhile, May silver futures were forecasting a lifetime high of Rs 82,109 per kg before closing Monday’s session at Rs 81,875.
On the Comex, gold futures hit a lifetime high of $2,372 per troy ounce. Anuj Gupta, head of commodities and currencies at HDFC Securities, expects that gold’s rally is likely to continue and Comex gold could move towards $2,370 and $2,400 in the near term. in his opinion. As for MCX gold, the June contract has resistance at Rs 72,650-73,555 with support placed at Rs 69,200-69,022.
Prices are up 4.78 per cent or Rs 3,235 on MCX in April so far, said Anuj Gupta, head of commodities and currencies at HDFC Securities. On a year-to-date basis, the increase is Rs 7,709 or 12.20%.
As for the Silver contract, this month’s gains stand at 9.10% or Rs 6,827 while the year-to-date gain stands at 10% or Rs 7,445, Gupta added.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 71,300 per 10 grams, while that of 1 kg of silver is Rs 82,500, Gupta said.
“Gold prices are very high right now, reaching almost $2,340 an ounce. People are closely watching US inflation data because it could indicate whether interest rates will rise or fall. If inflation slows, the Federal Reserve could cut rates. But “Interest rates have become more expensive by more than 17% since mid-February, which surprised some people. interest would be reduced thrice, it now looks like it will happen only twice,” Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currencies, said.
Qureshi said reasons for the rise in gold prices include tensions in the Middle East and Ukraine and countries like China buying more gold.
On the daily chart, the MCX April Gold contract has broken out from its ascending channel trend and is showing a pattern of ascending highs and ascending lows which indicates bullish momentum, Qureshi said while warning of the likelihood of a price pullback then that the RSI reaches the overbought zone. Analyst Anand Rathi places resistance at Rs 71,300 – Rs 71,800 while support at Rs 70,400 – Rs 69,900.
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Intraday Trading Strategy by Neha Qureshi
– Buy MCX June gold futures at Rs 70,900 with a stop loss of Rs 70,500 and a price target of Rs 71,300.
– Buy MCX May silver futures at Rs 81,900 with a stop loss of Rs 80,900 and a price target of Rs 83,900.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Meanwhile, the May silver contract was trading marginally lower at Rs 81,814, down Rs 61 or 0.07 per cent.
The increases in bullion prices are explained by the hope of a reduction in interest rates from the American Federal Reserve and by the increase in purchases of the yellow metal by global central banks. The Street will now follow developments around the US FOMC minutes, which are scheduled for publication on Wednesday.
The recent rise is due to slippages in the Dollar Index (DXY), which has declined by 0.63% over the past five trading sessions. Today, it was hovering near the 104.16 mark, up 0.02 or 0.02%.
June gold futures on MCX ended at Rs 70,931 on Monday, up Rs 19 or 0.03 per cent. Meanwhile, May silver futures were forecasting a lifetime high of Rs 82,109 per kg before closing Monday’s session at Rs 81,875.
On the Comex, gold futures hit a lifetime high of $2,372 per troy ounce. Anuj Gupta, head of commodities and currencies at HDFC Securities, expects that gold’s rally is likely to continue and Comex gold could move towards $2,370 and $2,400 in the near term. in his opinion. As for MCX gold, the June contract has resistance at Rs 72,650-73,555 with support placed at Rs 69,200-69,022.
Prices are up 4.78 per cent or Rs 3,235 on MCX in April so far, said Anuj Gupta, head of commodities and currencies at HDFC Securities. On a year-to-date basis, the increase is Rs 7,709 or 12.20%.
As for the Silver contract, this month’s gains stand at 9.10% or Rs 6,827 while the year-to-date gain stands at 10% or Rs 7,445, Gupta added.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 71,300 per 10 grams, while that of 1 kg of silver is Rs 82,500, Gupta said.
“Gold prices are very high right now, reaching almost $2,340 an ounce. People are closely watching US inflation data because it could indicate whether interest rates will rise or fall. If inflation slows, the Federal Reserve could cut rates. But “Interest rates have become more expensive by more than 17% since mid-February, which surprised some people. interest would be reduced thrice, it now looks like it will happen only twice,” Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currencies, said.
Qureshi said reasons for the rise in gold prices include tensions in the Middle East and Ukraine and countries like China buying more gold.
On the daily chart, the MCX April Gold contract has broken out from its ascending channel trend and is showing a pattern of ascending highs and ascending lows which indicates bullish momentum, Qureshi said while warning of the likelihood of a price pullback then that the RSI reaches the overbought zone. Analyst Anand Rathi places resistance at Rs 71,300 – Rs 71,800 while support at Rs 70,400 – Rs 69,900.
Click for more information
Intraday Trading Strategy by Neha Qureshi
– Buy MCX June gold futures at Rs 70,900 with a stop loss of Rs 70,500 and a price target of Rs 71,300.
– Buy MCX May silver futures at Rs 81,900 with a stop loss of Rs 80,900 and a price target of Rs 83,900.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)