Gold price in India eased on Tuesday. The yellow metal price slightly jumped during the previous session. On the Multi-Commodity Exchange (MCX), the gold futures dropped 0.05 per cent to Rs 47,892 for 10 grams at 0955 hours on January 18. Silver price slashed sharply on Tuesday. The precious metal future slumped 0.31 per cent to Rs 61,705 for a kilogram on January 18.
In the international market, the yellow metal price remained falt on Tuesday. Spot gold prices were slightly changed at $1,818.87 per ounce as of 0022 GMT. US gold futures rose 0.1 per cent to $1,818.50. US 10-year Treasury yields jumped on Thursday.
“Gold prices in MCX have bounced strongly from its support of Rs 47,300 levels with robust volumes. Now the consolidation mode in gold near its resistance of 48000 levels is technically setting up for a breakout. The chart pattern is giving positive signals on intraday and daily basis. It’s advisable to watch key levels before taking fresh positions in gold. Buy Zone Above – Rs 48,000 for the target of Rs 48,500. Sell Zone Below – Rs 47,600 for the target of Rs 47,400,” said Dr. Ravi Singh, vice president and head of research, ShareIndia.
“Gold and silver prices are showing some weakness on daily chart. So their is a probability of some profit booking at higher levels, Momentum indicator RSI also indicating the same in hourly as well as daily chart. So traders are advised to book profit in buy side and can also create fresh sell positions near given resistance levels, traders should focus important technical levels given below for the day: February Gold closing price Rs 47,917, Support 1 – Rs 47,800, Support 2 – Rs 47,650, Resistance 1 – Rs 48,000, Resistance 2 – Rs 48,100. March silver closing price Rs 61,898, Support 1 – Rs 61,600, Support 2 – Rs 61,100, Resistance 1 – Rs 62,260, Resistance 2 – Rs 62,600,” said Amit Khare, AVP-research commodities, Ganganagar Commodity Limited.
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