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gold rate today: Gold Rate Today: Gold prices in India gain amid dollar slide. Check price of yellow metal in Delhi, Ahmedabad, and other Indian cities

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Gold traded in the green in the opening trade on Monday amid weakness in the dollar index (DXY). The MCX October gold futures were trading up by Rs 119 or 0.20% from the Friday closing price at Rs 59,112 per 10 gram on the MCX while the December Silver futures were trading at Rs 72,324 per kg, higher by Rs 170 or 0.24%.

Dollar Index (DXY) crossed the 105 mark on Monday against the basket of six top currencies and was down by 0.07%.

On Comex, gold futures were trading at $1,949 per troy ounce on Monday, up by $3.30 or 0.17% while silver futures were at $23,455, lower by $0.069 or 0.30%.

The Street awaits the Federal Reserve‘s policy outcome on Wednesday.

The October Gold futures had ended with gains of Rs 411 or 0.70% per 10 gram at Rs 58,999 on Friday while the December Silver futures closed lower at Rs 72,165, down by Rs 1,183 per kg or 1.673%.

Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking said that bullion is looking good on the daily charts and was making bottom and trading near demand zone which was suggested even by the momentum indicator RSI.

His advice to traders is to make fresh buy positions in gold and silver futures near the given support level of Rs 58,800-58,600 with the stop loss at the support levels while booking profit near the resistance levels of Rs 59,100-59,200.Analyst Neha Qureshi, who is Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies added that the gold (October) appeared to be shaping a W-pattern breakout on the daily chart with the neckline at the Rs 59,670 level.

This pattern suggests a potential bullish trend in the market, she said, adding that gold is currently trading above its 50-day and 100-day Exponential Moving Averages (EMA), indicating positive momentum.

She sees key resistance levels at Rs 59,300-59,670 while important support levels at approximately Rs 58,670-58,275.

Gold futures are down 0.64% or by Rs 381 on the month-to-date basis while they have gained 7.23% or by Rs 3,976 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 4.66% or Rs 3,528 in September while the gains this year stand at 3.95% or Rs 2,741, he said.

The physical price of gold in top Indian cities like Delhi and Ahmedabad is around Rs 60,100 per 10 gram while Rs 73,800 for silver.

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Intraday Trading Strategy by Anuj Gupta

– Sell MCX October Gold futures at Rs 58,980 with a stop loss of Rs 58,840 and a price target of Rs 59,300.
– Sell MCX December Silver futures at Rs 72,200 with a stop loss of Rs 71,650 and a price target of Rs 73,500.
Intraday Trading Strategy by Neha Qures
– Buy MCX October Gold futures at Rs 59,000 with a stop loss of Rs 58,670 and a price target of Rs 59,400
– Buy MCX December Silver futures at Rs 72,000 with a stop loss of Rs 71,000 and a price target of Rs 75,000.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times


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