Gold Rate Today: Debacle continues for gold as dollar index shoots above 106. What should traders do?
The MCX October gold futures were trading down by Rs 26 or 0.04% from the Monday's closing price at Rs 58,675 per 10 gram on the MCX while the December Silver futures were trading at Rs 71,842 per kg, lower by Rs 308 or 0.43%.
On Comex, gold futures were trading at $1,933.10 per troy ounce on Tuesday, down by $3.50 or 0.18% while silver futures were at $23.290, lower by $0.095 or 0.410%.
Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies sees MCX gold October futures getting stuck in a sideways pattern on the daily charts and expects it to trade in a range between Rs 58,300 and 59,400.
«Currently, the price of gold is trading below both its 50-day and 100-day Exponential Moving Averages (EMA), which are acting as resistance levels. Meanwhile, the Relative Strength Index (RSI) is also indicating a bearish sentiment with a negative divergence.
If the price goes up, it may encounter resistance around Rs 59,200 and Rs 59,670, while finding a support at Rs 58,400-58,275,» Qureshi said.
The October Gold futures had ended with declines of Rs 270 or 0.46% per 10 gram at Rs 58,676 on Monday while the December Silver futures closed lower at Rs 72,126, down by Rs 1211 per kg or 1.65% on a holiday curtailed trading session.
Gold futures are down 1.13% or by Rs 673 on the month-to-date basis while they have gained 6.70% or by Rs 3,684 on the year-to-date basis, Anuj Gupta, Head Commodity & Currency at HDFC Securities, of HDFC Securities told ETMarkets.
As for silver futures, the declines are to the tune of 4.67% or Rs 3,3532 in September while the gains this year stand at 3.94% or Rs 2,737, he said. Gupta sees gold testing levels of $1,915-$1,920.
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