October Gold futures have been buying and selling at Rs 1,09,180 on the MCX round 6:40 pm, down by Rs 190 or 0.17%. On the COMEX, the costs have been flat at $3,685.60 per troy ounce, although with a slight destructive bias.
Gold acquired assist as markets worth in a potential 50 bps Fed charge lower after weaker jobs and payroll knowledge whereas commerce tariff uncertainty underpins the safe-haven demand, mentioned Jateen Trivedi, Vice President, Analysis Analyst at LKP Securities, commenting on the present developments. He sees the present costs as stretched, elevating the opportunity of consolidation.
Among the many home components, Indian rupee stays a key. Its continued weak point towards the greenback has been supporting the bullion costs.
1) Key assist & resistance
Gold October futures traded agency however confronted resistance close to Rs 1,09,700–1,09,900. On the draw back, key assist lies at Rs 1,08,850 adopted by Rs 1,08,300. A decisive transfer above Rs 1,09,900 might prolong features in the direction of Rs 1,10,400, whereas a slip under Rs 1,08,850 could invite quick time period promoting stress.
2) RSI
RSI (14) is at 50.77, indicating consolidation after an overbought section. This impartial zone suggests the market is cooling off, and power can be confirmed provided that RSI developments greater above 60.
3) Bollinger bands
Costs are shifting nearer to the mid-band after testing the higher band. The narrowing bands level towards consolidation within the close to time period, although enlargement might reignite volatility.
4) Transferring averages
EMA-8 and EMA-21 are flatlining with worth hovering round them, confirming a consolidation section. Sustained commerce above EMA-8 (Rs 1,09,300) will hold short-term bullish momentum intact.
5) MACD
MACD remains to be in constructive territory however has flattened out, with the histogram narrowing. This implies lack of momentum, hinting at sideways to corrective worth motion earlier than the following directional transfer.
Gold buying and selling technique
Gold has entered a consolidation zone after a pointy rally, however fundamentals stay supportive. A purchase on dips technique is advisable for the week. Purchase close to Rs 1,08,850 for targets of Rs 1,09,900/1,10,400 and a cease lack of Rs 1,07,450.
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