Gold price today: Yellow metal raises in India

Gold price today: Yellow metal raises in India

Gold price today: Yellow metal gains in India; May face resistance near Rs.  51,900-52,000.

India Gold October futures rose marginally on September 16 despite a muted trend in international spot prices. The US dollar gained the day before the US Federal Reserve policy decision.

Experts believe there is some volatility in the precious metal ahead of the outcome of the US Federal Reserve policy meeting later today. Upwards, the critical resistance is kept at RS. 51,900-52,000 per 10 grams.

On the Multi-Commodity Exchange (MCX), October gold deals traded 0.06 per cent higher at Rs. 51,800 per 10 grams at 09:20 hours. September Silver Futures is trading flat at Rs. 68,930 per kg.

The two precious metals showed strength in early trading sessions on Tuesday, but with the dollar index recovering, some gains are likely to return to higher levels.

Both precious metals are slightly more positive in international markets. Gold for Troy ounces closed at $ 1,966.20. Silver settled at $ 27.46 for Troy ounces. Even at MCX, both precious metals are settled on a flat note. The dollar session index recovered on Wednesday evening ahead of the US Federal Reserve meeting result, which saw gains in two precious metals.

Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart

“We expect both the precious metals remain volatile in today’s session ahead of the US Federal Reserve meeting outcome and expected to hold key support levels. Gold is having support at $1955-1940 per troy ounce and resistance at $1978-1988 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart said.

“At MCX, gold is having support at 51550-51300 and resistance at 51920-52050. Silver is having support at $27.00-26.70 per troy ounce and resistance at $27.80-28.00 per troy ounce,” he said.

At MCX, silver has resistance near 68500-68000 levels and 69500-69900 levels, Jain said. We suggest immersing in two precious metals during Wednesday’s session.

Trading Strategy

Sriram Iyer, Senior Research Analyst at Reliance Securities

International spot gold and silver prices eased gains on Tuesday as the US dollar rebounded from a session low ahead of the Fed result.

However, the U.S. Hopes for an exploitative monetary policy stance from the Federal Reserve outweighed the risks. International gold and silver traded flat in Asian trade before the end of the Fed meeting tonight.

The domestic bullion could open a trading flat on Wednesday morning, marking a weak start in foreign prices. Technically, MCX Gold is kept at 51600 levels above the October 21-Daily Moving Average.

However, it fell back to the previous high of 52100 levels. The upside resistance is in the 51900-52200 levels. Support is at 51400-51150 levels.

The MCX Silver December deal closed above the 69000 levels, with some trouble continuing if the 69000 levels are maintained in the coming sessions. However, below 68,500 levels, it continues until the momentum of marginal trouble to 67300-66000.

Hareesh V, Head of Commodity Research, Geojit Financial Services

The optimism of economic recovery has hit safe heaven demand and hence the price of gold. Meanwhile, economic stimulus measures and the hopes of a weaker dollar continue to provide low-level support for the metal.

However, investors can bet cautiously today ahead of the US Fed policy decision and press conference from Chairman Jerome Powell.

Technical outlook (London spot):

Estimating the range within the ounces $ 1880-1975 was initially intended and breaking on either side indicates a new direction for the cargo.

Disclaimer : 
The perspectives and investment tips are given in this section are the expert’s own and not that of the website or its management. We encourage clients to check with certified experts before taking any position in the stocks/shares mentioned.

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