Gold price: Gold trades above Rs 76,500 per 10gm, silver near Rs 92,000/kg
Gold rate today: Amid a weak manufacturing index data in the US as the treasury yields retreated lower, gold prices advanced overseas. And mirroring rates in the US, gold on the MCX traded by 0.24 per cent or Rs 180 at Rs 76,540 per 10 gm.
Also dollar index remains capped
While dollar index trades in a range, expecations of the soft US landing and a rate cut forecast in November will restrain the dollar slide.
Dollar index mildly positive
Last the DXY traded with mild gains of 0.09 per cent at 103.15.
Spot rate of gold
In the spot market in Ahmedabad, gold price as per MCX site zoomed to as high as Rs 75,690 per 10 gm.
Spot gold in international markets
Internationally, gold traded near $2,676 per ounce levels and this year gold has recorded a massive rally of 29 per cent.
Outlook for gold internationally
Dr. Renisha Chainani, Head Research - Augmont - Gold For All held that Gold is moving towards the higher side of the range towards $2685 (~Rs 76500). If prices sustain above this resistance, the next target is $2700 (~Rs 77000) and $2750 (~Rs 78500).
Slew of data print in the US to direct gold moves
The Market’s attention turns to upcoming US Retail Sales, Industrial Production data, and Initial Jobless Claims due later this week. Overall since the momentum remains on the upside, prices may test $ 2685 on the upside a close above which only sustainable upside may persist. Meanwhile supports persist in the range of $ 2635 – 2630 in spot, noted Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies.
Intraday trading strategy in gold/silver
Qureshi suggested the below strategy: