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Gold rate today: Gold, silver trade lower; technicals project gold sliding further

Improved sentiments in the global equity market weighed on the yellow metal in the domestic market.

ETMarkets.com|
Oct 01, 2019, 11.04 AM IST
0Comments

Commodity Summary
MCX

GOLD
SILVER
New Delhi: Along with most commodity counters, precious metals were trading in the red in Monday's early trade.

MCX Gold (Dec) futures slid 0.1 per cent to trade at Rs 37,280. Similarly, MCX Silver (Dec) futures were also 0.1 per cent down, trading at Rs 44,070.

Improved sentiments in the global equity market weighed on the yellow metal in the domestic market.

In the international markets, gold prices inched lower on Tuesday, hovering near the two-month low hit in the previous session, as uncertainties arising from the US-China trade war bolstered the dollar.

Spot gold was down 0.1 per cent at $1,470.28 per ounce, at 0128 GMT. In the previous session, prices fell to their lowest since August 6 at $1,463.99, Reuters reported. Spot gold had dipped about 1.6 per cent on Monday. US gold futures were up 0.3 per cent at $1,476.8 per ounce.

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



According to Reuters analysts, spot gold may break a support at $1,462 per ounce and fall towards $1,446, as suggested by its wave pattern and a retracement analysis.

The support is identified as the 100 per cent projection level of a downward wave c from $1,534.88. Besides the various projection levels, the current fall is also controlled by a set of retracements on the uptrend from $1,265.85 to $1,557.

Following its drop below $1,488, the metal is likely to extend its loss to $1,446, the 38.2 per cent level. A break above $1,488 could lead to a gain to $1,514.

On the daily chart, the fall from the September 4 high of $1,557 followed a reversal of the uptrend from $1,265.90. The trend consists of five waves.

The fourth wave labelled 4 ended around $1,382, which may be revisited. A projection analysis on a wave (c) from $1,265.90 reveals an immediate target range of $1,427-1,453, formed by the 86.4 per cent and the 100 per cent levels.

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