Gold price in India eased on Tuesday. The yellow metal price slightly jumped during the previous session. On the Multi-Commodity Exchange (MCX), the gold futures dropped 0.05 per cent to Rs 47,892 for 10 grams at 0955 hours on January 18. Silver price slashed sharply on Tuesday. The precious metal future slumped 0.31 per cent to Rs 61,705 for a kilogram on January 18.
In the international market, the yellow metal price remained flat on Tuesday. Spot gold prices were slightly changed at $1,818.87 per ounce as of 0022 GMT. US gold futures rose 0.1 per cent to $1,818.50. US 10-year Treasury yields jumped on Thursday. The focus is now on the US Federal Reserve’s meeting scheduled on January 25-26 after policymakers signalled that they would start raising interest rates in March to tame inflation.
“Gold prices in MCX have bounced strongly from its support of Rs 47,300 levels with robust volumes. Now the consolidation mode in gold near its resistance of 48000 levels is technically setting up for a breakout. The chart pattern is giving positive signals on intraday and daily basis. It’s advisable to watch key levels before taking fresh positions in gold. Buy Zone Above – Rs 48,000 for the target of Rs 48,500. Sell Zone Below – Rs 47,600 for the target of Rs 47,400,” said Dr. Ravi Singh, vice president and head of research, ShareIndia.
“Gold and silver prices are showing some weakness on daily chart. So their is a probability of some profit booking at higher levels, Momentum indicator RSI also indicating the same in hourly as well as daily chart. So traders are advised to book profit in buy side and can also create fresh sell positions near given resistance levels, traders should focus important technical levels given below for the day: February Gold closing price Rs 47,917, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – Rs 48,000, Resistance 2 – Rs 48,100. March silver closing price Rs 61,898, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance 1 – Rs 62,260, Resistance 2 – Rs 62,600,” said Amit Khare, AVP-research commodities, Ganganagar Commodity Limited.
“International gold spot and futures have started with small gains this early Tuesday morning in Asian trade, tracking a subdued US dollar. However, strengthening US bond yields on rate hike expectations will keep upside capped. Technically, if LBMA spot gold trades above $1820 levels, it could witness a bullish momentum up to $1833-$1846 levels. A trade below could pull the prices back to the support zone at $1814-$1802 levels,” said Sriram Iyer, senior research analyst at Reliance Securities.
Domestic gold prices could start with small gains early Tuesday morning tracking a positive start in the overseas prices. Technically, if MCX gold February trades above Rs 47,895 level it could witness a bullish momentum up to Rs 47,985-48,055 levels. A break below could pull the prices back to the support zone at Rs 47,825-47,735 levels,” Iyer added.
On silver price, Iyer commented, “International silver prices have started with small gains this early Tuesday morning in Asian trade, tracking a subdued US dollar. Technically, if LBMA Spot Silver trades above $23.00 levels, it could witness a bullish momentum up to $23.60-$23.99 levels. Support zone is at $22.50-$22.33 levels. Domestic silver prices could start with gains this early Tuesday morning tracking overseas prices. Technically, if MCX Silver March trades above Rs 61,870 levels, it could witness a bullish momentum up to the resistance zone at Rs 62,090-Rs 62,280. Support zone is at Rs 61,680-61,460.”
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