The Dollar Index (DXY) crossed the 105 mark on Monday against the basket of six major currencies and fell by 0.07%.
On the Comex, gold futures were trading Monday at $1,949 per troy ounce, up $3.30 or 0.17 percent, while silver futures traded to $23.455, down $0.069 or 0.30%.
The street awaits the policy outcome from the Federal Reserve on Wednesday.
October gold futures had ended with gains of Rs 411 or 0.70% per 10 grams at Rs 58,999 on Friday while December silver futures closed lower at Rs 72,165, down by Rs 1,183 per kg or 1.673%.
Amit Khare, Associate Vice President, Ganganagar Commodity Limited (GCL) Broking, said bullion is looking good on daily charts and it is hitting the low and trading near the demand zone, which has even been suggested by the RSI momentum indicator.
His advice to traders is to take fresh buy positions in gold and silver futures close to the given support level of Rs 58,800 to 58,600 with the stop loss at support levels while achieving earnings close to resistance levels of Rs 59,100 to 59,200. Analyst Neha Qureshi, who is a senior technical and derivatives analyst at Anand Rathi Commodities & Currencies added that gold (October) seemed to be forming a breakout in the shape of W on the daily chart with the neckline at the level of Rs 59,670.
This trend suggests a potential bullish trend in the market, she said, adding that gold is currently trading above its 50-day and 100-day exponential moving averages (EMA), which indicates positive momentum.
It sees key resistance levels between Rs 59,300 and 59,670, while important support levels lie between Rs 58,670 and 58,275.
Gold futures are down 0.64% or Rs 381 on month-on-month basis while they gained 7.23% or Rs 3,976 on year-on-year basis, Anuj Gupta, Head of Materials commodities and currencies at HDFC Securities, of HDFC. Securities told ETMarkets.
As for silver futures, the declines are to the tune of 4.66% or Rs 3,528 in September while the gains this year stand at 3.95% or Rs 2,741, he said. -He specifies.
The physical price of gold in major Indian cities like Delhi and Ahmedabad is around Rs 60,100 per 10 grams, while Rs 73,800 for silver.
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Intraday Trading Strategy by Anuj Gupta
– Sell MCX October Gold futures at Rs 58,980 with a stop loss of Rs 58,840 and a price target of Rs 59,300.
– Sell MCX December Silver futures at Rs 72,200 with a stop loss of Rs 71,650 and a price target of Rs 73,500.
Intraday Trading Strategy by Neha Qures
– Buy MCX October Gold futures at Rs 59,000 with a stop loss of Rs 58,670 and a price target of Rs 59,400
– Buy MCX December Silver futures at Rs 72,000 with a stop loss of Rs 71,000 and a price target of Rs 75,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.
