Current Gold Rate: As yellow metal trades at historic highs
After reaching all-time highs on the MCX and in global markets on Monday, gold continued to rise strongly on Tuesday. Prices are rising as a result of market predictions that interest rates will drop in 2019. This has hurt Dollar’s chances and raised the price of yellow metal.
At opening, the opening price of MCX February gold futures was Rs 62635, up Rs 266 or 0.43% from Monday’s closing price. The March Silver futures were up Rs 52, or 0.07%, at Rs 76,220 per kilogram at the same time.
Comex saw a $12.20 or 0.60% increase in Gold futures trading at $2,054.40 per troy ounce and a $0.013 or 0.050% increase in Silver futures trading at $24.920. The DXY has experienced a 1.8% correction.
The dollar index (DXY) was trading at 103.63, down $0.08, or 0.08%, against a basket of the six most valuable currencies.
The February contract increased by Rs 26 or 0.04% on Monday, reaching a new lifetime high of Rs 64,063 before finishing the day flat at Rs 62395. The March contract for silver futures finished at Rs 76,142, down Rs 26 or 0.03%.
Anuj Gupta, Head of Commodities & Currency at HDFC Securities, stated that the bullish trend in gold and silver was mostly caused by the dollar’s weakness and geopolitical concern. He witnesses the Comex gold trade.
The December Gold contract has displayed an Outside Bar candlestick pattern on the daily chart, indicating an approaching trend reversal or change. According to Neha Qureshi, senior technical and derivative analyst at Anand Rathi Commodities & Currencies, there are clear indications that the Relative Strength Index (RSI) is turning around from the overbought zone, which is a sign that bearish feelings are becoming more prevalent.
Resistance, according to the Anand Rathi analyst, lies between Rs 63,400 and Rs 64,100.
According to Gupta, gold futures on the MCX have dropped by 0.43%, or Rs 271 per 10 gramme, so far this month. As of Monday, December 4, the closing price basis showed that they had increased by 13.36%, or Rs 7,352, year-to-date. The commodity and currency researcher reported that while silver futures gained by 9.73% or Rs 6,755 on a year-to-date basis, they fell by around Rs 755, or 1,347%, in value terms in December.
Gold prices in significant physical bullion markets, such as those in Delhi, Ahmedabad, and other cities.
Neha Qureshi’s Strategy for Intraday Trading
- With a stop loss of Rs 62,800 and a price target of Rs 61,700, sell the MCX February Gold futures at Rs 62,300.
- With a stop loss of Rs. 77,000 and a price target of Rs. 74,000, sell MCX March Silver futures at Rs. 76,000.
