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Gold Rate Today: MCX gold opens lower amid dollar uptick. What should traders do?

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International gold prices were up on Friday in the morning trade though the uptick was capped amid continued strength in the dollar index (DXY) which was up 0.14% at 105.63 against six major currencies. However, the gold rate on the MCX took a downturn as traders preferred booking profits.

The MCX October gold futures were trading down by Rs 76 or 0.12% from the Thursday closing price at Rs 58,750 per 10 gram on the MCX while the December Silver futures were trading at Rs 73,010 per kg, lower by Rs 58 or 0.08%.

On Comex, Gold futures were trading at $1,943.60 per troy ounce on Friday, up by $4 or 0.21% while Silver futures were at $23,775, higher by $0.088 or 0.37%.

The October Gold futures had ended with gains of Rs 581 or 0.98% per 10 gram at Rs 58,824 on Thursday while the December Silver futures closed lower at Rs 73,099, down by Rs 131 per kg or 0.18% on a holiday curtailed trading session.

« Gold prices are trading weak after the dollar index touched a six-month high, while US treasury yields reached multi-year highs after the Federal Reserve indicated that interest rates in the US would remain higher for longer, » Prithviraj Kothari, MD CEO of RiddiSiddhi Bullions Limited (RSBL) said.

He said that Powell’s commentary on a 50 bps rate cut in 2024 is a negative for gold. Street was expecting a 100 bps cut next year.

Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies sees October gold futures stuck in a sideways pattern on the daily chart and expects them to trade in a range between Rs 58,300 and Rs 59,400. « Right now, the price of gold is below both its 50-day and 100-day Exponential Moving Averages (EMA), which are acting as resistance levels. The Relative Strength Index (RSI) is indicating a bearish sentiment with a negative divergence, » she said.

She said that gold may encounter resistance around Rs 59,200-59,670 if the price goes up while support is seen at Rs 58,600-58,275.

Gold futures are down 0.93% or by Rs 552 on the month-to-date basis while they have gained 6.92% or by Rs 3,805 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 3.45% or Rs 2,614 in September while the gains this year stand at 5.27% or Rs 3,655, he said.

The physical price of gold in top Indian cities like Delhi and Ahmedabad is around Rs 59,800 per 10 gram while Rs 75,000 for silver.

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Intraday Trading Strategy by Neha Qureshi

– Sell MCX October Gold futures at Rs 58,900 with a stop loss of Rs 59,300 and a price target of Rs 58,300.

– Buy MCX December Silver futures at Rs 73,000 with a stop loss of Rs 72,000 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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