October Gold futures have been buying and selling at Rs 1,09,180 on the MCX round 6:40 pm, down by Rs 190 or 0.17%. On the COMEX, the costs have been flat at $3,685.60 per troy ounce, although with a slight damaging bias.
Gold acquired assist as markets worth in a doable 50 bps Fed price reduce after weaker jobs and payroll information whereas commerce tariff uncertainty underpins the safe-haven demand, stated Jateen Trivedi, Vice President, Analysis Analyst at LKP Securities, commenting on the present traits. He sees the present costs as stretched, elevating the potential of consolidation.
Among the many home elements, Indian rupee stays a key. Its continued weak point in opposition to the greenback has been supporting the bullion costs.
1) Key assist & resistance
Gold October futures traded agency however confronted resistance close to Rs 1,09,700–1,09,900. On the draw back, key assist lies at Rs 1,08,850 adopted by Rs 1,08,300. A decisive transfer above Rs 1,09,900 might prolong positive factors in direction of Rs 1,10,400, whereas a slip beneath Rs 1,08,850 could invite quick time period promoting strain.
2) RSI
RSI (14) is at 50.77, indicating consolidation after an overbought section. This impartial zone suggests the market is cooling off, and power might be confirmed provided that RSI traits larger above 60.
3) Bollinger bands
Costs are shifting nearer to the mid-band after testing the higher band. The narrowing bands level towards consolidation within the close to time period, although growth might reignite volatility.
4) Shifting averages
EMA-8 and EMA-21 are flatlining with worth hovering round them, confirming a consolidation section. Sustained commerce above EMA-8 (Rs 1,09,300) will preserve short-term bullish momentum intact.
5) MACD
MACD continues to be in optimistic territory however has flattened out, with the histogram narrowing. This implies lack of momentum, hinting at sideways to corrective worth motion earlier than the subsequent directional transfer.
Gold buying and selling technique
Gold has entered a consolidation zone after a pointy rally, however fundamentals stay supportive. A purchase on dips technique is advisable for the week. Purchase close to Rs 1,08,850 for targets of Rs 1,09,900/1,10,400 and a cease lack of Rs 1,07,450.
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(Disclaimer: Suggestions, solutions, views and opinions given by the specialists are their very own. These don’t characterize the views of Financial Instances)