Gold rate today: Here is how the yellow metal is trading
Brokerage SMC Global expects bullion counters to edge up on Monday.
MCX Gold (Dec) futures advanced 0.1 per cent to Rs 37,726 and MCX Solver (Dec) futures traded with gains of 0.3 per cent at Rs 44,000.
Brokerage SMC Global expects bullion counters to edge up on Monday. Gold can take support near Rs 37,480 while facing resistance near Rs 38,000 and silver can take support near Rs 43,500 while facing resistance near Rs 44,480, it said.
In the global market, the appeal of safe haven yellow metal increased as mixed signals from US- China trade talks kept investors cautious, although disappointing China factory data provided support.
Spot gold was up 0.3 per cent at $1,462.46 per ounce by 0110 GMT, after touching a three-month low in the previous session, reported Reuters. US gold futures were flat, at $1,463.30 per ounce.
According to technical charts, Spot gold may bounce to $1,478 per ounce, as it has found a support at $1,455, a Reuters analyst said. The support is provided by the 61.8 per cent projection level of a downward wave C from $1,515. This wave could travel to $1,417, as indicated by a pennant.
However, the support at $1,455 is strong enough to hold the fall and trigger a bounce. A break below $1,455 could confirm the continuation of the wave C towards $1,440.