Amid the festive season, gold December futures prices opened at a new lifetime high of Rs 79,535/10 grams on Wednesday, gaining Rs 300 or 0.38% while silver opened flat at Rs 98,431/kg, down by 0.3% or Rs 300.
Gold prices at MCX had also hit a new high of Rs 79,281/10 grams in Tuesday’s session, on the auspicious occasion of Dhanteras.
In the US market too, gold rose to an all-time high as jitters over the close U.S. presidential race supported the yellow metal, while bitcoin also flirted with a record peak as markets weigh the prospect of a victory by Republican candidate Donald Trump.
Gains were bolstered by US data showing a rise in consumer confidence, with the index up to 108.7 from 99.2. However, labor market data from JOLTS showed a cooling trend with 7.44 million job openings in September, which the Fed sees as potentially easing wage pressures.
“Markets are now awaiting key reports, including Q3 GDP and the PCE Price Index, as they could influence the Fed’s November 7 rate decision, set just after Election Day,” said Neha Qureshi Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
Today, the US Dollar Index, DXY, was hovering near the 104.30 mark, falling 0.02 or 0.01%.“The price is also trading above the 21-day Exponential Moving Average (EMA), highlighting the ongoing upward trend. Additionally, the RSI shows positive divergence, reinforcing the bullish outlook. Key resistance levels are located at 75,700 and 76,000, while important support zones are marked at 74,730 and 74,440,” Qureshi added.
Intraday Trading Strategy by Neha Qureshi:
- Buy MCX December gold futures at Rs 79,000 with a stop loss of Rs 79,800 and a price target of Rs 79,500.
- Buy MCX December silver futures at Rs 98,500 with a stop loss of Rs 97,500 and a price target of Rs 1,00,000.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)