Gold traded steady on Thursday amid a minor downtick in the dollar index (DXY). Taking cues from the international market, MCX February gold futures were trading with a positive bias in the opening trade. They were hovering at Rs 62,750 per 10 grams, up by Rs 243 or 0.39% from Wednesday’s closing price. Meanwhile, the March Silver futures were trading at Rs 72,447 per kg, higher by Rs 114 or 0.16%. Track prices here
Comex Gold futures were trading at $2,052.10 per troy ounce on Thursday, up by $9.30 or 0.46% while silver futures were trading at $23.140, lower by $0.017 or 0.070%.
The dollar index (DXY) was trading slightly lower at 102.43 against a basket of six top currencies, down by 0.06 points or 0.06%. It has appreciated by 1.24% in the past five sessions.
On Wednesday, MCX Gold February contract closed at Rs 62,509, up by Rs 2 while the March Silver futures settled at Rs 72,390, higher by Rs 57 or 0.08%.
Analyst Anuj Gupta, Commodity & Currency Head at HDFC Securities sees Comex gold trading between $2,030 to $2,050 today with a positive bias and MCX gold within Rs 62,000 – Rs 63,000 range. As for silver, March contracts are likely to trade between Rs 71,500 and Rs 73,500, Gupta said.
“Gold stabilised today after declining for the fourth consecutive day. Federal Reserve policymakers resisted expectations for aggressive monetary easing in early 2024, aiming to maintain a restrictive stance for a while. The metal reached a record high in early December, closing the year 13% higher due to speculation about Fed policy changes,” Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, Gold (December contract) has formed a dark cloud cover candlestick pattern followed by a bearish engulfing indicating bearishness while the Relative Strength Index (RSI) is forming a negative divergence, indicating a bearish outlook, Qureshi said. MACD indicator has shown a negative crossover adding to a bearish outlook, she added. The Anand Rathi analyst sees resistance at Rs 63,345 – Rs 63,800 while support at Rs 61,900 – Rs 61,550.
After ending 2023 with gains of 15.22% or by Rs 8,372 per 10 gram, MCX gold futures have started this year on a weak note, HDFC Securities’ Gupta said. Gold is down by 1.19% or by Rs 750 from the 2023 closing price while Silver futures have corrected by 2.38% or Rs 1,762 per kg in the last two sessions, the Commodity & Currency Head at HDFC Securities said.
Price of gold in major physical bullion markets like Delhi, Ahmedabad and other cities is Rs 63,300 per 10 grams while that of 1 kg of Silver is Rs 74,000. Click to know more
Intraday Trading Strategy by Neha Qureshi
– Sell MCX February Gold futures at Rs 62,500 with a stop loss of Rs 63,000 and a price target of Rs 61900.
– Sell MCX March Silver futures at Rs 72400 with a stop loss of Rs 73,400 and a price target of Rs 70,800.
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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)