MCX Gold Holding Call — Any Rise Sell Target 37100—36840 – Neal Bhai
In the previous session, gold prices slipped to a seven-week low and broke the crucial support of $1,492 and made a low of $1,472 at Comex division. At MCX, after breaching a support of Rs 37,800 per 10 gram, the metal crashed and tested a low of Rs 37,280.
Gold and Silver prices crashed in the previous session as the dollar index, the basket of six major currencies, reached a fresh high of the year. Dollar index crossed 99 for the first time this year and triggered the sell button for both precious metals.
Silver prices also slipped to five-week low and tested a low of Rs 43,975 per kg. Silver December futures traded at Rs 44,142 per kg on the MCX, up by Rs 23 or 0.05 percent at 0908 hours IST.
“Gold could test support of $1,464/Rs 37,000 while silver prices could test support of $16.80-16.55/Rs 43,500-43,200 levels. $1,484 act as major resistance for gold while $17.40 an ounce act as major resistance for silver prices. At MCX, Rs 37,500 act as major resistance for gold and Rs 44,500 act as major resistance for silver,” Manoj Kumar Jain, Director at IndiaNivesh Commodities said.
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