Tag: shlf 419OC

Gold Price Today, 29 Sep 2022: MCX gold may hover in Rs 49730-50470 range; all eyes on RBI MPC, US GDP

Posted on by

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate in India were trading sideways on Thursday, as US dollar inched higher on recession fears. On the Multi Commodity Exchange, gold October futures were trading Rs 30 up at Rs 49,780 per 10 gram. Silver December futures were ruling at Rs 56,169 per kg, down Rs 359 or 0.6 per cent on MCX. Globally, yellow metal prices retreated as the U.S. dollar firmed on concerns that rising interest rates would spark a global recession, making greenback-priced bullion more expensive for overseas buyers, according to Reuters Spot gold was down 0.2% at $1,656.59 per ounce. In the previous session, bullion rose as much as 2%. U.S. gold futures dipped 0.2% to $1,667.10.

Also read: Nifty support at 16600, use call ladder for 6 Oct F&O expiry; Bank Nifty may trade flat-to-cautious today

Gold attempted a relief rally as the dollar fell, although prospects of sharp rate hikes kept the non-yielding precious metal near a 2-1/2-year trough. Chicago Fed President Charles Evans, St. Louis Fed President James Bullard and Minneapolis Fed Bank President Neel Kashkari echoed the U.S. central bank’s pledge to focus on tackling soaring inflation. Dollar against its major crosses fell below 113 level — down 1.3% on the day for its sharpest tumble since June’22. The BOE took emergency action, unleashing a £65bn bond-buying programme aimed at stemming a spiraling crisis in government debt markets, supporting its currency. Along with the Dollar, the yield on the U.S. 10-Year Treasury note tumbled to a near one-week low of ~3.7 from a 14-year high of ~4.01. We are also witnessing updates regarding geo-political tensions supporting the metals on the lower end. Today focus will be on the important U.S. GDP, Core PCE and weekly jobless claims data. Broader trend on COMEX could be in the range of $1620-1680 and on domestic front prices could hover in the range of Rs 49730-50,470.

Abhishek Chauhan, VP — Commodity & Currency, Mandot Securities

Comex gold prices fell 0.3% to $1,655.86 in the early morning session on Thursday but saw a strong buying in the earlier session on Wednesday Both instruments Gold and Silver surged nearly 2% on Wednesday, logging their best day in two months. In Comex Gold has support at $1640-1630, while resistance is at $1680-1690. Silver has support at $18.30-18.40, while resistance is at $19.00-19.10 while  gold at MCX  has support at Rs 49400-49500 and resistance is at Rs 49900-50100. Silver has support at Rs 56200-56000, while resistance is at Rs 56800–57000.

Also read: As Sensex, Nifty plunge over 4% so far in 2022 on global uncertainty, is it time to buy yet or wait and watch?

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades 0.50% lower near $1661/oz after a 2% gain yesterday. The US Dollar Index witnessed a sharp correction yesterday along with the US 10-year treasury yields that closed sharply lower near 3.733% after testing near 4% in the early session. The crash in US Dollar and bond yields gave some respite to the gold bulls as the bullion recovered from the lows to close near $1670/oz. Although gold prices have recovered from the lows it will be interesting to see whether the dollar continues to slide or it’s just a blip. The rally in gold will continue only if the US Dollar sustains lower. Markets will remain cautious ahead of release of US second quarter GDP and speeches by Fed officials

Jigar Trivedi, Senior Analyst – Currency & Commodity, Reliance Securities

MCX Gold December future saw a sharp pull back to Rs. 50,000 per gram as Comex Gold rebounded from a crucial technical support of around $1,620 an ounce after the greenback retreated. The BoE’s calculative intervention in the market has hurt the dollar but still we need further confirmation before shorting the USDINR pair. Ahead of RBI policy outcome, scheduled tomorrow, the rupee may stay flat. For Comex gold, $1,650 an ounce is a stiff resistance. The US will release GDP for Q2 later today. Hence the dollar may stay volatile. MCX Gold Dec may find support near Rs 49,850 an ounce.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Will Nifty rise above 19000 or sink further in trade? See GIFT Nifty, FII data, crude, more before market opens

Posted on by

GIFT Nifty traded up 48 points or 0.25% at 19,005.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Friday. Previously on Thursday, the NSE Nifty 50 tanked 264.90 points or 1.39% to settle at 18,857.25, while the BSE Sensex shed as much as 900.91 points or 1.41% to 63,148.15.

“In the backdrop of weak global cues, investors shunned local equities at will on the monthly F&O expiry day with benchmark Nifty closing below the crucial 19k mark amid sell-off in frontline banking, automobile and IT stocks. Investors are worried about the simmering West Asia conflict, economic uncertainty and rate hike woes, and hence maintained their bearish stance for the sixth straight session,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Key things to know before share market opens on October 27, 2023

Wall Street

US stocks tumbled on Thursday, dragged by tech and tech-adjacent megacap shares as investors digested mixed quarterly earnings and signs of economic resiliency that could encourage the Federal Reserve to keep interest rates at a restrictive level longer than expected, reported Reuters.

The tech-heavy Nasdaq Composite tanked 225.62 points or 1.76% to 12,595.61. The S&P tumbled 49.54 points or 1.18% to 4,137.23, while the Dow Jones Industrial Average dropped 251.63 points or 0.76% to 32,784.3.

US Dollar

The US Dollar Index (DXY), which measures the value of the dollar against a basket of six foreign currencies, traded up 0.02% at 106.63.

Crude Oil

WTI crude prices are trading at $83.70 down 0.53%, while Brent crude prices are trading at $88.47 down 0.61%, on Friday morning.

Asian Market

Shares in the Asia-Pacific region are trading broadly in green on Friday morning. The Asia Dow is trading up 0.80%, the benchmark Chinese index, the Shanghai Composite is down 0.09%, while Japan’s Nikkei 225 is up 0.91%. Meanwhile, Hong Kong’s Hang Seng index is up 0.81%.

FII, DII Data

Foreign institutional investors (FII) offloaded shares worth net Rs 7,702.53 crore, while domestic institutional investors (DII) added shares worth net Rs 6,558.45 crore on October 26, 2023, according to the provisional data available on the NSE.

Technical View

Commenting on the technical outlook of Nifty 50, Rupak De, Senior Technical Analyst at LKP Securities, said, “Once again, bears remain at the helm as the Nifty slipped below 19,000 for the first time in four months, indicating a rising bearish condition. The bearish crossover in the momentum indicator also supports the negative momentum. In the current scenario, supports are appearing very fragile and vulnerable. Despite the recent sharp decline, further correction from the current level seems highly possible. Support on the lower end is visible at 18,600-18,645, while resistance is positioned at 18,950-19,000.”

Bank Nifty Outlook

On Thursday, the Bank Nifty index tumbled as much as 551.85 points or 1.29% to 42,280.15. “Bank Nifty is heading towards the psychological support of the 42,000. The fall has been very sharp and is appearing oversold which increases the probability of a pullback. The pullback can be expected till 42,500 – 42,600 however it is unlikely to result into a trend reversal. Overall, the trend is negative and we expect it to target levels of 40,850 from short term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.