Gold price: Gold trades above Rs 76,500 per 10gm, silver near Rs 92,000/kg

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:

– BUY MCX DECEMBER Gold futures at Rs 76300 with a stop loss of Rs 76100 and a price target of Rs 76600.

–  BUY MCX DECEMBER Silver futures at Rs 91500 with a stop loss of Rs 90500 and a price target of Rs 93000.