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Gold Rate Today: Gold, silver trade lower as traders wait for directions on Brexit, trade war fronts

US gold futures slipped 0.1 per cent to $1,492.10.|
Oct 17, 2019, 10.56 AM IST
These supports are identified as 38.2 per cent and 61.8 per cent projection levels of the Wave C from $1,516.77.
Bullion traded with minor losses in the early trade on Thursday, as traders avoided making big bets ahead of the outcome of Brexit negotiations and in the absence of fresh developments on the US-China trade war front.

MCX Gold (Dec) futures were down 0.2 per cent at Rs 38,149, while MCX Silver (Dec) futures were down 0.43 per cent at Rs 45,032.

SMC Global in a note said bullion may continue to trade sideways. Gold can test Rs 38,250 and take support near Rs 37,900 while silver can test Rs 45,500 while taking support near Rs 44,800, it added.

Gold Rates - Spot & Futures (.995 purity) (MCX)

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Dec-2019

In the international market, gold prices eased and held below $1,490 level. Spot gold fell 0.1 per cent to $1,488.35 per ounce by 0402 GMT, according to Reuters. US gold futures slipped 0.1 per cent to $1,492.10.

As per technical charts, spot gold may break its support at $1,479 per ounce and fall towards the next support at $1,456, as suggested by its wave pattern and a projection analysis, said a Reuters analyst.

These supports are identified as 38.2 per cent and 61.8 per cent projection levels of the Wave C from $1,516.77. This wave is capable of travelling into the $1,418-$1,456 range, he said.

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