Gold, silver price (September 18): Gold trades near Rs 73,000/10 gm, silver down Rs 600 at Rs 88,550/kg
Gold, silver rate (September 18): Gold rate in Wednesday's traded with minor loss ahead of the crucial Fed meet outcome later today.
Spot gold trades steady
Gold prices in the spot market internationally traded flat at $2,568, down by a marginal.
Recovery in dollar index following US retail sales weighs on gold
Gold prices remain virtually unchanged ahead of the US Federal Reserve’s (Fed) monetary policy decision on Wednesday as the Greenback staged a recovery following a strong (relative to consensus) August US Retail Sales report.
Gold price outlook
Data released yesterday showed US Retail Sales were higher than expected, though they trailed July’s number, while Industrial Production improved in August. Meanwhile, all eyes remain on Fed interest rate decision today. Overall volatility in prices in late trade to persist given the intensity of the event, added Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies
Trading strategy for gold, silver
For Gold MCX (October), Qureshi has advised to buy on dips around Rs 73,000 for a target of Rs 73,600, keeping a stop loss of Rs 72,600.
Similar for MCX Silver (December), the expert has suggested a buy on dip at around Rs 89,100, keeping a stop loss of Rs 88100 for a target of Rs 91,100 per kg.
Gold price support and resistance levels
Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services said, "Gold is seen consolidating in a range but is trading close to its all-time high hit a couple of sessions back, as focus remains on the U.S. Fed's meeting outcome later in the day. Although a rate cut is confirmed, but market remains divided between the quantum i.e. 25bps or 50bps cut.
On chart momentum looks sideways with support at 72900 and next at 72200, while on the upside resistance is seen at 73800, added Mer.