The minutes will be published later today.
Taking a cue from the international market, MCX February gold futures were trading lackluster in the opening session. They were hovering at Rs 63,274 per 10 grams, up Rs 17 or 0.03% from Tuesday’s closing price. Meanwhile, March silver futures were trading at Rs 74,061 per kg, down Rs 34 or 05 per cent.
Comex gold futures were trading at $2,073.10 per troy ounce on Wednesday, down $0.30 or 0.01%, while silver futures were trading at $23.920, down $0.033 or 0.140%.
The dollar index (DXY) was trading at 102.19 against a basket of six major currencies, down 0.01 point or 0.01%. It has appreciated by 1.17% over the last five sessions.
On Tuesday, MCX Gold February contract closed at Rs 63,298, up Rs 41, while March Silver futures settled at Rs 74,155, up Rs 60 or 0.08 per cent.
“Gold was little changed after falling for the third time, influenced by a stronger dollar as traders expected fewer interest rate cuts. It hit a record high in December, ending 2023 with a 13% increase due to hopes of Federal Reserve adjustments in 2024. Swap traders predict six rate cuts next year, despite officials’ resistance to rapid easing. Investors are watching US data, particularly employment figures, to find clues about the Fed’s position”, Neha Qureshi, Senior Technical and Derivatives Analyst, 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 while the current price is trading above its 21 and 50 day EMA , Qureshi said. Additionally, the Relative Strength Index (RSI) is forming a positive divergence, indicating a bullish outlook, while the MACD indicator has shown a positive crossover, adding to the bullish outlook, she added .
Analyst Anand Rathi sees resistance at Rs 63,900 – Rs 64,300 while support at Rs 62,900 – Rs 62,650.
After ending 2023 with gains of 15.22 per cent or Rs 8,372 per 10 grams, MCX gold futures started this year on a weak note, said Anuj Gupta, head of commodities and trading. currencies at HDFC Securities. Gold is down 0.09% or Rs 54 from 2023 closing price while silver futures have corrected 0.45% or Rs 335 per kg over the last two sessions, he said.
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
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 74,000 with a stop loss of Rs 73,000 and a price target of Rs 76,000.
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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)
The minutes will be published later today.
Taking a cue from the international market, MCX February gold futures were trading lackluster in the opening session. They were hovering at Rs 63,274 per 10 grams, up Rs 17 or 0.03% from Tuesday’s closing price. Meanwhile, March silver futures were trading at Rs 74,061 per kg, down Rs 34 or 05 per cent.
Comex gold futures were trading at $2,073.10 per troy ounce on Wednesday, down $0.30 or 0.01%, while silver futures were trading at $23.920, down $0.033 or 0.140%.
The dollar index (DXY) was trading at 102.19 against a basket of six major currencies, down 0.01 point or 0.01%. It has appreciated by 1.17% over the last five sessions.
On Tuesday, MCX Gold February contract closed at Rs 63,298, up Rs 41, while March Silver futures settled at Rs 74,155, up Rs 60 or 0.08 per cent.
“Gold was little changed after falling for the third time, influenced by a stronger dollar as traders expected fewer interest rate cuts. It hit a record high in December, ending 2023 with a 13% increase due to hopes of Federal Reserve adjustments in 2024. Swap traders predict six rate cuts next year, despite officials’ resistance to rapid easing. Investors are watching US data, particularly employment figures, to find clues about the Fed’s position”, Neha Qureshi, Senior Technical and Derivatives Analyst, 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 while the current price is trading above its 21 and 50 day EMA , Qureshi said. Additionally, the Relative Strength Index (RSI) is forming a positive divergence, indicating a bullish outlook, while the MACD indicator has shown a positive crossover, adding to the bullish outlook, she added .
Analyst Anand Rathi sees resistance at Rs 63,900 – Rs 64,300 while support at Rs 62,900 – Rs 62,650.
After ending 2023 with gains of 15.22 per cent or Rs 8,372 per 10 grams, MCX gold futures started this year on a weak note, said Anuj Gupta, head of commodities and trading. currencies at HDFC Securities. Gold is down 0.09% or Rs 54 from 2023 closing price while silver futures have corrected 0.45% or Rs 335 per kg over the last two sessions, he said.
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
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 74,000 with a stop loss of Rs 73,000 and a price target of Rs 76,000.
(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)