Gold prices were flat in global markets ahead of a key US jobs report that analysts say could offer more clues on when the Federal Reserve might start reducing its stimulus measures.
On the Multi-Commodity Exchange (MCX), October gold contracts were trading marginally in the green, up 0.05 percent at Rs 47,145 for 10 grams at 0924 hours. September silver futures was up 0.13 percent at Rs 62,999 a kilogram.
Gold prices declined by Rs 239 to Rs 47,239 per 10 gram on a continued uptrend in the rupee and buoyant equity market.
Gold and silver showed roller coaster move on Tuesday in the international markets amid extreme volatility in the dollar index. Both the precious metals were settled on a mixed note in the international markets. Gold December futures contract were settled at $1818.10 per troy ounce with a gain of 0.33% and silver December futures contract were settled at $23.93 per troy ounce with a loss of 0.33%, said said Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research.
"We expect gold prices to remain volatile in today’s session ahead of the US ADP non-farm data and could hold its key support of $1800 per troy ounce. Gold has support at $1804-1792 per troy ounce and resistance at $1830-1844 per troy ounce; silver has support at $23.55-23.20 per troy ounce and resistance at $24.20-24.55 per troy ounce," he said.
"At MCX, gold has support at 46920-46770 and resistance at 47330-47550; silver has support at 62900-62500 and resistance at 63700-64100 levels. We suggest buying in silver around Rs 63000 with a stop loss of Rs 62600 for the target of Rs 63800.
Technical indicators
Sriram Iyer, Senior Research Analyst at Reliance Securities
International spot and futures gold prices ended marginally in the green on Tuesday. International spot and futures silver prices ended flat to weaker on Tuesday. The most active Call strikes for September expiry option gold contract are 47000, 48000 and 49000. The most active Put strikes for September expiry option gold contract are 44000, 45000, 46000 and 47000.
Technically, COMEX December Gold supports are at $1795.97 and $1807.03. Resistances are at 1825.53 and 1832.97. MCX Gold October supports are at 46520 and 46820. Resistances are at 47376 and 47632.
Amit Khare, AVP- Research Commodities, Ganganagar Commodities
Gold prices are trading mildly up in midday U.S. trading Tuesday. Gold and silver have traded both sides unchanged today in choppy price action. Both metals have seen their near-term chart postures improve recently and that’s inviting the technical-based speculators to the long side of the futures markets.
Gold and silver are showing strength in daily chart and Momentum indicator RSI also giving positive signal, Gold is showing more strength corison to silver, so traders are advised to create fresh buy positions in gold and silver near given support levels, traders should also focus important technical levels.
October Gold closing price 47120, Support 1 - 46800, Support 2 - 46500, Resistance 1 - 47450, Resistance 2 - 47750.
December Silver closing price 63366, Support 1 - 62700, Support 2 - 62100, Resistance 1 - 64000, Resistance 2 - 64600.
Sandeep Matta, Founder, TRADEIT Investment Advisor
Gold prices are trading in the small tight range giving both side moves and consolidating around 100-DEMA level. The precious metal has some near term bullish technical advantage however facing some difficult headwinds and producing the closing above $1835/0z will be a key challenge for the market participants.
Key level for Gold August Contract – 47076
Buy Zone Above – 47090 for the target of 47200-47400
Sell Zone Below – 47050 for the target of 46920-46800
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