Gold was trading at a lower percentage of the Indian market on June 14, following a sharp fall in international prices over a week-long period, heavy with a strong dollar.
On the Multi-Commodity Exchange (MCX), August gold contracts traded up 0.80 percent at Rs 48,518 per 10 grams per 0930 hours. The July silver futures traded 0.58 percent lower at Rs 71,805 a pound.
Spot gold was trading at about $ 1,864.58 per ounce, the lowest level since June 4, a Reuters report said. The dollar strengthened 0.1 percent to fly near one week high against its rivals, making gold more expensive for owners of other currencies.
On June 11, gold and silver prices were exchanged on a mixed note in world markets. The August gold futures contract was settled for $ 1,879.25 The July troy and silver silver contract remained at $ 28.05 per unit. Domestic markets have also ended on a mixed note.
After breaking the $ 1,900, visible gold slipped again on June 11 amid a rise in the dollar index. The index was acquired prior to the US Federal Reserve’s monetary policy meeting June 15-16.
“We expect both precious metals to remain unchanged this week ahead of US Federal Reserve policy and gold is expected to hold a significant support of $ 1850 per troy ounce and silver is expected to hold $ 27.55 per troy ounce rate,” Manoj said. Kumar Jain, Director, Head-Commodity & Currency Research, said Prithvifinmart Commodity Research.
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“Gold is supported at $ 1,868-1,854, while resistance is $ 1,892-1,904 per troy ounce. At MCX, Gold can be supported at 48,750-48,550 and resistance at 49,100-49,380; silver is supported at 71,700-71,200 and resistance at 72,500-73,100 levels, ”he said.
Jain proposes to buy gold with around 48,750 dips with a loss of 48,500 stops for 49,200 purposes.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
Comex gold was trading at 0.5 percent below $ 1.867 million after a 0.9 percent decline on June 11. Gold remained under pressure as the dollar strengthened and US bonds were secured during the Fed’s rescheduling later this week.
Mixed ETF flows and low demand for Indian consumers are also measured in terms of prices. Gold may remain under pressure in the midst of a strong US dollar, however, a sharp fall is unlikely as the Fed is likely to maintain a strong position.
Sriram Iyer, Senior Research Researcher on Trusted Security
International gold prices plummeted on June 11 as the dollar doubled but silver ended up with strong gains.
Domestic gold plummeted, while silver faded green, followed by overseas prices. A bank wallet was softened on June 11 and put in a mess.
Domestic and gold prices could begin to weaken on June 14, followed by overseas prices.
Ahead of the home, if the MCX August gold break below 48 700, it could see a bearish momentum of 48,550-48,300. Resistance levels are 48,900-49,100.
Silver MCX July holds support around 71,900-71,100. Resistance levels are 73,000-74,100 levels.
Amit Khare, AVP- Research Equipment, Ganganagar Commodities Limited
Gold and silver for sale mixed on June 11. Gold and silver also show interest bookings on the daily technical chart.
Traders are advised to take short cuts and to focus on specific technologies provided below:
August closing price of Gold Rs 48,903; support 1: 48,600; support 2: 48,300; resistance 1: 49,200; resistance 2: 49,500.
July closing price of silver Rs 72,227; support 1: 71700; support 2: 70,500; resistance 1: 72,700 and resistance 2: 73,300.