Gold rate today: Gold trades lower on Trump's remark on trade talks
SMC Global expects bullion counters to trade on a “weaker path”.
“I think it’s going really well. I will say, I think it’s going really well,” Trump said. Moreover, a White House official said the talks had gone "probably better than expected" and a US Chamber of Commerce official briefed by both sides raised the possibility of a currency agreement this week.
MCX Gold (Dec) futures were trading 0.2 per cent down at Rs 38,070. MCX Silver (Dec) futures were trading 0.4 per cent down at Rs 45,237.
SMC Global expects bullion counters to trade on a “weaker path”. Gold can test Rs 37,800 while facing resistance near Rs 38,400 and silver can test RS 45,000 while facing resistance near Rs 45,800, it said.
Gold Rates - Spot & Futures (.995 purity) (MCX)
|Date||Gold Spot Price |
Rs/10 grms (AHMEDABAD)
|Gold Future Price |
Rs/10 grms Expiry: 05-Dec-2019
In the international markets, gold prices steadied on Friday, settling into a narrow range as investors awaited more clarity on global uncertainties including trade and Brexit, helping the metal shake off initial declines driven by hopes for a breakthrough in the US-China talks.
Palladium, meanwhile, was down 0.1 per cent at $1,698.33 per ounce, as of 0306 GMT, but held close to Thursday's all-time peak of $1,704.59 an ounce, putting it on track for about 2 per cent weekly gain. Spot gold inched 0.2 per cent higher to $1,496.49 per ounce, while US gold futures were little changed at $1,501.
On technical charts, spot gold remains neutral in a range of $1,488-$1,514 per ounce, and an escape could suggest a direction, according to a Reuters analyst.
The range is formed by 23.6 per cent and 14.6 per cent retracements on the uptrend from $1,265.85 to $1,557. A break above $1,514 could lead to a gain into the range of $1,537-$1,557, while a break below $1,488 may open the way towards $1,446.
The bias seems to be towards the downside, as the wave pattern suggests the development of a downward wave C, the third wave of a three-wave cycle from $1,557. This wave is capable of travelling into the range of $1,411-$1,446.
A falling channel remains intact, which points a target around $1,446 as well.