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Gold rate today: Here is how the yellow metal is trading today

Brokerage SMC Global said bullion counters may witness profit booking at higher levels.

ETMarkets.com|
Updated: Dec 05, 2019, 11.20 AM IST
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MCX Gold (Feb) futures were up 0.09 per cent at Rs 38,130 while MCX Silver (Mar) futures edged 0.13 per cent higher to Rs 44,486.

Commodity Summary
MCX

GOLD
SILVER
Bullion counters were trading with marginal gains on Thursday as conflicting signals from Washington and Beijing prolonged the uncertainty surrounding a trade deal, a day after positive comments by US President Donald Trump knocked the bullion off.

MCX Gold (Feb) futures were up 0.09 per cent at Rs 38,130 while MCX Silver (Mar) futures edged 0.13 per cent higher to Rs 44,486.

Brokerage SMC Global said bullion counters may witness profit booking at higher levels. Gold (Feb) can slip lower towards Rs 38,000 while facing resistance near Rs 38,300 and silver (Mar) can test Rs 45,300 while facing resistance near Rs 45,700, it added.

In the US, gold rose to a one-month high of $1,484 on Wednesday, but settled lower after Trump said that trade talks with China were going "very well." That came a day after Trump dented hopes for a trade resolution when he said an agreement might have to wait until after the US presidential election in November 2020.

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

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Feb-2020
22-01-202039912.039905.0
21-01-202039851.039968.0
17-01-202039804.039971.0
14-01-202039602.039462.0
10-01-202039607.039870.0
07-01-202040372.040673.0
03-01-202039948.040132.0
01-01-202038995.039072.0
30-12-201938806.038966.0


Spot gold was up 0.1 per cent to $1,475.18 per ounce by 0435 GMT on Thursday, and US gold futures was flat at $1,480.50, reported Reuters.

According to technical charts, spot gold may test a support at $1,471 per ounce, a break below which could cause a fall to $1,455, said a Reuters analyst.

An upward wave c from $1,450.30 has completed around its 100 per cent projection level of $1,484. This is the third wave of a three-wave cycle from the Nov. 12 low of $1,445.18.

Indeed, the whole cycle could have ended. The metal may fall towards $1,445.18. The downtrend from $1,515.41 has been driven by wave C. A projection analysis indicates that this wave may have only partially completed. Eventually, the wave C could travel to $1,417, its 100 per cent projection level.

A break above $1,474 may lead to a gain limited to $1,492.

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