MCX February gold futures were trading at Rs 63,400 per 10 grams, minutes after the open, up Rs 80 or 0.13 per cent. Meanwhile, March silver futures were trading at Rs 74,676 per kg, up Rs 286 or 38 per cent. Follow prices here
Comex gold futures were trading at $2,076.10 per troy ounce on Tuesday, up $4.30 or 0.21%, while silver futures were trading at $24.100, up $0.014 or 0.060%. The gains came on hopes the Fed will cut interest rates this year, ahead of important economic data scheduled for release this week.
The dollar index (DXY) was trading at 101.54 against a basket of six major currencies, up 0.21 points or 0.20%. It has reduced its losses to 0.07% over the last five sessions.
On Monday, the February MCX Gold contract closed at Rs 63,322, up Rs 2, while March silver futures settled at Rs 74,435, up Rs 45 or 0.06 per cent.
Analyst Anuj Gupta sees Comex gold trading between $2,060 and $2,080 with a positive bias, while the February MCX contract is trading between Rs 62,800 and Rs 63,800. ‘money, the head of commodities and currencies at HDFC Securities expects March futures to trade between Rs 73,500 and Rs 75,500 with the trend remaining positive.
Gold futures on the MCX ended 2023 with gains of 15.22 per cent or Rs 8,372 per 10 grams, Gupta said. Meanwhile, silver futures appreciated by nearly Rs 5,546 or 7.99 per cent in value over the past year, the commodities and currencies analyst said. “Gold maintained its stability on its first trading day of 2024, after marking its first annual gain in three years. Investors, anticipating a rate cut from the Federal Reserve in the coming months, have contributed to a 13% rise in bullion in 2023. The probability of a March rate cut now exceeds 80%, driven by expectations of a more relaxed monetary policy,” said Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currencies.
On the daily chart, gold (December contract) is forming a higher high and lower low pattern, indicating a bullish trend in the market and currently, the price is trading above its 21 and 50 day EMA, Qureshi said. The Relative Strength Index (RSI) is also forming a positive divergence, indicating a bullish outlook, she said in support of her statement.
Analyst Anand Rahi sees resistance at Rs 63,900 – Rs 64,300 while support at Rs 62,900 – Rs 62,650.
Intraday Trading Strategy by Neha Qureshi
– Buy MCX February Gold futures at Rs 63,300 with a stop loss of Rs 63,000 and a price target of Rs 63,900.
– Buy MCX March Silver futures at Rs 74,400 with a stop loss of Rs 73,400 and a price target of Rs 76,400.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 64,000 per 10 grams, while that of 1 kg of silver is Rs 75,800. Click to know more
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
MCX February gold futures were trading at Rs 63,400 per 10 grams, minutes after the open, up Rs 80 or 0.13 per cent. Meanwhile, March silver futures were trading at Rs 74,676 per kg, up Rs 286 or 38 per cent. Follow prices here
Comex gold futures were trading at $2,076.10 per troy ounce on Tuesday, up $4.30 or 0.21%, while silver futures were trading at $24.100, up $0.014 or 0.060%. The gains came on hopes the Fed will cut interest rates this year, ahead of important economic data scheduled for release this week.
The dollar index (DXY) was trading at 101.54 against a basket of six major currencies, up 0.21 points or 0.20%. It has reduced its losses to 0.07% over the last five sessions.
On Monday, the February MCX Gold contract closed at Rs 63,322, up Rs 2, while March silver futures settled at Rs 74,435, up Rs 45 or 0.06 per cent.
Analyst Anuj Gupta sees Comex gold trading between $2,060 and $2,080 with a positive bias, while the February MCX contract is trading between Rs 62,800 and Rs 63,800. ‘money, the head of commodities and currencies at HDFC Securities expects March futures to trade between Rs 73,500 and Rs 75,500 with the trend remaining positive.
Gold futures on the MCX ended 2023 with gains of 15.22 per cent or Rs 8,372 per 10 grams, Gupta said. Meanwhile, silver futures appreciated by nearly Rs 5,546 or 7.99 per cent in value over the past year, the commodities and currencies analyst said. “Gold maintained its stability on its first trading day of 2024, after marking its first annual gain in three years. Investors, anticipating a rate cut from the Federal Reserve in the coming months, have contributed to a 13% rise in bullion in 2023. The probability of a March rate cut now exceeds 80%, driven by expectations of a more relaxed monetary policy,” said Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currencies.
On the daily chart, gold (December contract) is forming a higher high and lower low pattern, indicating a bullish trend in the market and currently, the price is trading above its 21 and 50 day EMA, Qureshi said. The Relative Strength Index (RSI) is also forming a positive divergence, indicating a bullish outlook, she said in support of her statement.
Analyst Anand Rahi sees resistance at Rs 63,900 – Rs 64,300 while support at Rs 62,900 – Rs 62,650.
Intraday Trading Strategy by Neha Qureshi
– Buy MCX February Gold futures at Rs 63,300 with a stop loss of Rs 63,000 and a price target of Rs 63,900.
– Buy MCX March Silver futures at Rs 74,400 with a stop loss of Rs 73,400 and a price target of Rs 76,400.
The price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 64,000 per 10 grams, while that of 1 kg of silver is Rs 75,800. Click to know more
(You can now subscribe to our ETMarkets WhatsApp Channel)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)