Gold Rate Today: Gold prices in India up as dollar retreats. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities
Comex is closed for trading today on account of US Labour day. Gold futures ended at $1,965.35 per troy ounce on Friday, down by $1 or 0.05% while Silver futures closed at $24.530, lower by $0.003 or 0.010%.
The DXY was trading at 104.16 against a basket of six top currencies, though the bias ws negative.
The October Gold futures had ended with gains of Rs 36 or 0.06% per 10 gram at Rs 59,410 on Friday while the December Silver futures closed lower at Rs 75099, down by Rs 583 per kg or 0.77%.
«Gold's value increased during the week due to optimism about the Federal Reserve ending its tightening cycle as the US jobs report showed controlled cooling in the labor market, with solid hiring, slower earnings growth, and more people returning to work,» Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
On the daily chart, the October Gold contract is showing a pattern of higher highs and higher lows, which indicates a bullish sentiment while the RSI indicator is forming an upward trendline, suggesting that prices might move higher in the upcoming days, Qureshi said.
The momentum indicator MACD has shown a positive crossover which signals bullish trends in the gold prices, this analyst said while putting resistance around Rs 59,600 — Rs 60,000 while support at Rs 59,150 — Rs 58,900 levels.
Analyst Amit Khare Associate Vice President at Ganganagar Commodity sees some profit booking in gold with momentum indicator RSI indicating the same.
His advice to traders is to book their long positions and they can make fresh short positions in gold and silver near a given resistance level.
The stop loss is advised at the resistance level while booking profits at the support. Khare sees support
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