On September 21, there was a good short covering rally in bullions at lower levels that may continue for the next few sessions.Īs per technical charts, both metals are trading in oversold zone, the momentum indicator RSI also points to the same, and are creating a strong positive divergence in 4-hourly as well as daily charts. There was some safe-haven demand after the previous day’s sharp selloff in the global stock markets that had traders and investors uneasy.Ī dovish read on the US monetary policy by the marketplace would favour the metals market bulls, while a hawkish read would favour the metals bears. Gold and silver were trading higher in midday US trading on September 21.
Rangebound to upside movement is expected in precious metals ahead of the Fed meeting outcome scheduled for September 22 night.Īmit Khare, AVP- Research Commodities, Ganganagar Commodities Above this level, it may move towards Rs 47,300. On MCX, gold tested a resistance level of Rs 46,800. The dollar index hesitated on further advance, strengthening prices of gold and silver. Gold gained ground as Evergrade debt crisis left investors jittery. “We suggest buying silver on dips around Rs 59,900 with a stop loss of Rs 59,400 for the target of Rs 61,200,” he said.Ībhishek Chauhan, Head of Commodity & Currency at Swastika Investmart "Gold has support at $1,764-1,750 per troy ounce and resistance at $1,788-1,800 per troy ounce silver is having support at $22.20-22.00 per troy ounce and resistance at $22.88-23.00 per troy ounce.” “We expect both precious metals to remain volatile in today’s session ahead of the Federal Reserve meeting outcome but lower levels supports remain intact in both the precious metals,” Jain said. Gold and silver gained on anticipation that the US Federal Reserve could delay its bond tapering programme after Chinese real estate company debt fiasco, said Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research. In the international market, the metal traded firm above the support level of $1,760 on risk-averse stance by investors ahead of US FOMC meeting. On September 21, gold rose by Rs 231 to Rs 46,513 per 10 gram in the Mumbai retail market after three days of straight fall on a softer dollar and safe-haven appeal. September silver futures were higher by 0.66 percent at Rs 60,835 a kilogram.
On the Multi-Commodity Exchange (MCX), October gold contracts were trading lower by 0.09 percent at Rs 46,596 for 10 grams at 0924 hours. Gold was trading flat in the Indian market on September 22 amid rising uncertainties triggered by China Evergrande’s debt crisis and anticipation of policy cues from the US Federal Reserve on tapering stimulus for the world’s largest economy. Gold Price Today: Yellow metal to remain range-bound ahead of Fed meet outcome