Synopsis: Gold prices dropped as the US dollar surged, with experts pointing out key support and resistance levels for MCX gold and silver. Volatility is expected in the near term, with a focus on Fed rate cuts and currency movements.
Gold prices saw a decline on Monday in the domestic futures market, impacted by weak global signals and reduced demand from the spot market. This drop followed the rise of the US dollar, which neared its two-month high, making gold more expensive in other currencies and reducing demand for the yellow metal.
At around 9:20 am, MCX Gold was trading 0.14% lower at Rs 76,201 per 10 grams.
Last week, gold had gained momentum due to a combination of weaker-than-expected US economic data, expectations of US Federal Reserve rate cuts, and geopolitical concerns. However, this week, the market is anticipated to remain volatile, with traders closely watching the movement of the US dollar and any fresh indications regarding the Federal Reserve's monetary policy.
Experts' Predictions for MCX Gold Rates:
Manoj Kumar Jain from Prithvifinmart Commodity Research identified key support and resistance levels for both gold and silver in the current session. According to him:
Gold (MCX): Support is at Rs 76,040-75,800, with resistance between Rs 76,630-76,950.
Silver (MCX): Support is at Rs 91,000-90,220, and resistance is between Rs 92,400-93,300.
Jain suggested a buying strategy for gold on dips around Rs 76,040, with a stop loss of Rs 75,770 and a target of Rs 76,800. He also recommended buying silver above Rs 91,200 with a stop loss of Rs 90,350 for a target of Rs 93,200.
Rahul Kalantri from Mehta Equities gave similar insights for both gold and silver, noting that:
Gold (Rupee terms): Support is expected between Rs 75,980-75,810, while resistance lies between Rs 76,460-76,670.
Silver (Rupee terms): Support is at Rs 91,050-91,450, and resistance is seen between Rs 92,290-92,680.
Globally, Kalantri predicts gold will find support between $2,624 and $2,605, with resistance ranging from $2,661 to $2,678.
Disclaimer: The views and recommendations above are those of individual analysts or broking companies. We advise investors to check with certified experts before making any investment decisions.
