October gold contracts traded 0.2 percent higher at Rs 46,455 for 10 grams at 09.30. September silver futures traded 0.34 percent higher at Rs 62,070 per kilogram.
Spot Gold has not changed at $ 1,752.78 an ounce. This fell 0.5 percent, so far, for this week, the Reuters report said. The dollar holds the company approaching more than four months, a hit earlier this week, supported by data that shows the price of US producers posted their biggest annual increase in more than a decade, added the report.
The price of gold and silver slipped on August 12 after US PPI and US core nucleus than expected. Both precious metals settled with weaker records in the international market.
The December gold futures contract settled at $ 1,751.80 Futures troy ounce and silver contract was completed at $ 23.12 a troy ounce. Both precious metals settled on weaker records in the domestic market.
Track the price of gold lives here
The increase in PPI and Core PPI had an impact on the price of precious metals and gold was corrected after testing the durability point of $ 1,758 in the international market, experts said.
“PPI is higher than expected to lead consumer inflation and will send signals to policy makers to maintain moderate monetary policy for a longer period. We expect the price of gold to remain stable, while silver can also find support at a lower level,” Manoj Kumar Jain, Director, Head-Commodity & Eyes of Research, Prithvifinmart Commodity Research, said.
At MCX, gold has support at 46,100-45,920 and resistance at 46,580-46,800. Silver has support at 61,500-61,100 and resistance at 62,200-62,800. We recommend buying gold around 46,150 with a stop loss 45,920 for the target of 46,600, he said.
Technical indicators.
Expert: Amit Khare, AVP-commodities, Commodity Ganganagar LimitedGold and silver traded in the oversold zone. The RSI Momentum indicator has also provided a positive difference in four per hour or hourly graphics.
Traders are advised to make buy positions in gold and silver near the support level given. They also have to focus on the important technical level given below for that day:
Gold Closing Prices August Rs 46,363, Support 1-46100, Support 2-45,850, Resistance 1-4,6600, Resistance 2 – 46,850. September Closure Silver RS 61,860, Supports 1-61,200, Support 2-62,500, Resistance 1-62,500, Resistance 2 -63.125.Sriram Iyer, Senior Research Analyst, Securities Reliance
The price of international gold star and futures ended higher on August 12 because the initial taper expectations of the purchase of Federal Reserve assets subsided, offset the dollar and faster results.
The international place and futures of silver prices ended weaker, tracing the power of the dollar. Domestic gold ends higher, tracking foreign prices, while silver ends weaker on 12 August.
In front of the domestic, MCX October buckets above 46,100 will continue the bullish momentum of up to 46,480-46,600 levels. Support is at the level of 46250-46050.
Under 63,000, the September MCX Silver can test 61,700-61,000. Resistance is at the level of 62,600-62,900.
Ravindra Rao, CMT, Lepat, VP-Head Commodity Research in the Securities BoThe Comex Gold traded simply near $ 1.756 after decreasing 0.1 percent the previous day. Gold edged in the middle of the chitppiness in the US dollar posted a recent increase as a mixed inflation reading added to uncertainty about the Fed’s monetary tightening.
Also the price supports increasing cases of viruses and concerns about China’s economic health. However, price weighing is firmness in equity and the lack of purchases of ETF investors. Gold can consolidate because the Fed monetary tightening debate can reduce prices.
