MCX Gold (Feb) futures were down 0.15 per cent to Rs 38,026 per 10 grams. MCX Silver (Mar) futures shed 0.21 per cent to Rs 44,515 per kilogram.
Brokerage SMC Global said bullion counters may trade sideways. Gold (Feb) can slip lower towards Rs 37,900 while facing resistance near Rs 38,200 and silver (Mar) can test Rs 44,200 while facing resistance near Rs 44,800, it added.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Apr-2021
In the US market, gold was flat, due to rise in risk sentiment after US President Donald Trump's latest comments rekindled hopes of a trade deal with China, but dollar's weakness kept the bullion on track for a weekly rise.
Spot gold was flat at $1,475.51 per ounce by 0120 GMT, US gold futures were down 0.2 per cent to $1,480.80, reported Reuters. Bullion was still on track for a weekly gain of 0.8 per cent, after it hit a one month high of $1,484 earlier this week.
According to technical charts, spot gold may break support at $1,471 per ounce and fall towards $1,455, as suggested by its wave pattern and a Fibonacci projection analysis, said a Reuters analyst.
The support is provided by the 61.8 per cent projection level of an upward wave 'c' from $1,450.30. This wave completed around its 100 per cent projection level of $1,484.
On the daily chart, gold faces a resistance at $1,488, the 23.6 per ecnt retracement of the uptrend from $1,265.90 to $1,557. The resistance is strengthened by another one established by a falling channel.
It could be much easier for the metal to fall towards $1,446, than to break above $1,488.
Download The Economic Times News App to get Daily Market Updates & Live Business News.