India Gold August Futures which fell more than 1 percent after hitting record highs in the previous session were trading in a range with a negative bias on July 2.
In the international market, the Gold eased from a near eight-year high hit in the previous session, as strong US data and hopes for a potential COVID-19 vaccine dented safe-haven sentiment, said a Reuters report.
Spot gold fell to $1,767.11 per ounce, after touching $1,788.96 on Wednesday — its highest since October 2012, the report added.
On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.19 percent at Rs 48,174 per 10 gram at 09:10 hours. July futures for silver were trading flat at Rs 48,770 per kg.
Experts are of the view that both Gold and Silver are likely to trade sideways. Gold could well trade in the range of Rs 48,000-48,700 levels, while Silver is likely to find support near Rs 49,300-48,700 levels.
“Technically, MCX Gold August contract on the daily chart formed a Bearish Engulfing Candlestick which is a sign of Bearish Reversal. Gold had a volatile session where it closed on loss of more than 1 percent. Moreover, it is expected to trade in a sideways momentum in the range of Rs 48,000-48,700 levels,” he said.
Iyer further added that downside support for MCX Silver September is placed at Rs 49,300-48,700 levels while resistance is placed at Rs 49,950 levels.
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India Gold August Futures which fell more than 1 percent after hitting record highs in the previous session were trading in a range with a negative bias on July 2.
In the international market, the Gold eased from a near eight-year high hit in the previous session, as strong US data and hopes for a potential COVID-19 vaccine dented safe-haven sentiment, said a Reuters report.
Spot gold fell to $1,767.11 per ounce, after touching $1,788.96 on Wednesday — its highest since October 2012, the report added.
On the Multi-Commodity Exchange (MCX), August gold contracts were trading lower by 0.19 percent at Rs 48,174 per 10 gram at 09:10 hours. July futures for silver were trading flat at Rs 48,770 per kg.
Experts are of the view that both Gold and Silver are likely to trade sideways. Gold could well trade in the range of Rs 48,000-48,700 levels, while Silver is likely to find support near Rs 49,300-48,700 levels.
“Technically, MCX Gold August contract on the daily chart formed a Bearish Engulfing Candlestick which is a sign of Bearish Reversal. Gold had a volatile session where it closed on loss of more than 1 percent. Moreover, it is expected to trade in a sideways momentum in the range of Rs 48,000-48,700 levels,” he said.
Iyer further added that downside support for MCX Silver September is placed at Rs 49,300-48,700 levels while resistance is placed at Rs 49,950 levels.
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