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Last Updated : Sep 24, 2019 08:30 PM IST | Source: Moneycontrol.com

Gold price today: Yellow metal slides after two-day gains

Price has pushed back from lower Bollinger Band formation. Furthermore, price has traded below the rising trend line, which indicates pressure in the counter, Choice Broking said.

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Gold prices traded lower in the futures trade on September 24 after rallying for two straight sessions as investors piled on safe-haven assets amid rising geopolitical tensions.

At 2025 hours, October Gold futures traded with a loss of 0.10 percent, or Rs 37, at Rs 37,887 per 10 gram on the MCX.

Track live gold price here.

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"Price has pushed back from lower Bollinger Band formation. Furthermore, the price has traded below the rising trend line, which indicates pressure on the counter. On the other hand, it has also moved below the 21 days SMA’s and Parabolic Sar, which signifies bearish strength for short term," Choice Broking said.

"Additionally, momentum indicator RSI(14) has shown positive crossover, which indicates bullishness. So, based on this technical analysis we expect sideways move on the counter," it added.

On Monday, gold prices touched a high of Rs 37,974 per 10 gram and closed at Rs 37,901, up 0.54 percent.

While Gold and Silver prices strengthened amid increasing risk premium and geopolitical tensions, the Rupee capped gains in the domestic market.

Spot Gold tested $1,522 an ounce in the international market while silver tested $18.64 per troy ounce.

The Dollar index traded steadily after US manufacturing and services PMI numbers. Better-than-expected manufacturing PMI data also supported silver prices.

October Silver futures traded with a loss of 0.79 percent, or Rs 380, at Rs 47,733 per kg on the MCX at 2025 hours.

Track live silver price here. 

Silver had hit 4 percent upper circuit on Monday and made a high of Rs 48,170 per kg and closed around Rs 48,140, up 3.6 percent.

"Gold prices hold support level of Rs 37,600 and could test Rs 38,050-38,150 an ounce," Manoj Kumar Jain, Director at IndiaNivesh Commodities Pvt. Limited told Moneycontrol.

Silver prices are expected to hold Rs 47,500 per kg and sustain above Rs 48,300 per kg could give further rally towards Rs 48,800-49,000, according to Jain.

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First Published on Sep 24, 2019 09:34 am
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