Gold price in India rose on Friday after a bumpy week. On the Multi-Commodity Exchange (MCX), October gold contracts jumped 0.19 per cent to Rs 46,449 for 10 grams at 0905 hours on August 13. The yellow metal dropped to five-month low at the starting of this week. However, it has recovered from that point gradually over the week. Silver also saw significant improvement on Friday. The precious metal September future climbed 0.30 per cent to Rs 62,047 on August 13.
In the international market, gold prices continued to remain flat on Friday. Spot gold was unchanged at $1,752.78 per ounce by 0101 GMT. It is down 0.5% so far for the week. US gold futures were up 0.2% to $1,754.40. US Dollar Index held firm near a more than a four-month high. It made yellow metal expensive for the holders of other currencies. The initial claims for state unemployment benefits fell 12,000 to a seasonally adjusted 375,000 for the week ended August 7 in the United States.
“International spot and futures gold & silver prices have started flat this Friday morning in Asian trade but are set for a second weekly fall as the dollar remained firm. Technically, LBMA Gold could trade on positive note above $1745 levels could see $1757-$1770 levels. Support is at $1747-$1735 levels. LBMA Silver below $24.00 levels will continue its sideways momentum up to $23.20-$22.70 levels. Resistance is at $23.60-$24.10 levels,” said Sriram Iyer, senior research Analyst at Reliance Securities.
“Domestic gold and silver prices and Bullion Index futures could start flat this Friday morning, tracking overseas prices. On the domestic front, MCX Gold October above Rs 46,100 will continue its bullish momentum up to Rs 46,480-46,600 levels. Support is at Rs 46,250-46,050 levels. MCX Silver September below Rs 63,000 level could test Rs 61,700-61,000 levels. Resistance is at Rs 62,600-62,900 levels. MCXBULLDEX May could trade on Bullish note with in the range of Rs 13,800-14,050 levels,” Iyer added.
“In the international market, gold bulls have stabilised the market following recent selling pressure that drove prices to a more-than-four-month low on Monday. Silver bulls still have some more work to do to steady their market. October gold futures were last down $0.70 at $1,750.60 and September Comex silver was last down $0.323 at $23.16 an ounce,” said Amit khare, AVP- Research Commodities, Ganganagar Commodities Limited.
“The gold bears still have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,676.40. First resistance is seen at this week’s high of $1,763.00 and then at $1,775.00. First support is seen at Wednesday’s low of $1,724.30 and then at Tuesday’s low of $1,716.50,” he added.
“Gold and silver both are trading at oversold zone, Momentum indicator RSI also giving positive divergence in four hourly as well as hourly chart, So traders are advised to create buy positions in Gold and Silver near given support levels, traders should also focus important technical levels given below for the day: August Gold closing price 46363, Support 1 – Rs 46,100, Support 2 – Rs 45,850, Resistance 1 – Rs 46,600, Resistance 2 – Rs 46,850. September Silver closing price Rs 61,860, Support 1 – Rs 61,200, Support 2 – Rs 60,600, Resistance 1 – Rs 62,500, Resistance 2 – Rs 63,125,” he mentioned.