MCX gold inching towards resistance of 31,600

MCX gold prices opened on a positive note. if we see hourly chart, it can be observed that immediate support lies near 31,350, while resistance is placed at 31600 mark.

Jan 02, 2019 05:01 IST India Infoline News Service

Gold
Gold prices on the COMEX futures were trading in the green on Wednesday as concerns regarding the global economic growth prompted investors to take shelter of safe-haven assets. Meanwhile, as per media reports, the US President Donald Trump has invited Republican and Democratic congressional leaders to a border security briefing at the White House as the federal government remained partially shut down over his demand to fund a wall along the US-Mexico border. This could have an impact on the gold prices in coming days.
 
Meanwhile, appreciation in the rupee has an impact on gold prices on the Multi Commodity Exchange (MCX). The domestic currency has rallied 92 paise in the last three trading sessions.
 
Gold Price Update
COMEX Gold Price (Prev. Close) $ 1283.35
% Change 0.16
Gold price in India today (per 10 gms) 31,463.00
% Change 0.13
Source: IIFL Research
MCX gold prices opened on a positive note. if we see hourly chart, it can be observed that immediate support lies near 31,350, while resistance is placed at 31600 mark. The momentum indicator, RSI has given positive crossover above 40 mark, indicating strength in prices. As long as mentioned support level is protected on downside, outlook remains positive for upside target of 31600 followed by 31800 mark.
Gold Rates - Spot & Futures
Date Spot Price (Rs) Futures Price (Rs)
01-Jan-19 31,523.00 31,422.00
31-Dec-18 31,504.00 31,391.00
28-Dec-18 31,587.00 31,598.00
27-Dec-18 31,436.00 31,713.00
26-Dec-18 31,411.00 31,559.00
24-Dec-18 31,254.00 31,460.00
21-Dec-18 31,115.00 31,193.00
20-Dec-18 30,931.00 31,311.00
19-Dec-18 30,975.00 31,227.00
18-Dec-18 31,292.00 31,163.00
17-Dec-18 31,302.00 31,630.00
14-Dec-18 31,363.00 31,553.00
13-Dec-18 31,431.00 31,527.00
12-dec-18 31,581.00 31,732.00
11-dec-18 31,621.00 31,935.00
10-Dec-18 31,451.00 32,028.00
07-Dec-18 30,922.00 31,595.00
06-Dec-18 31,097.00 31,089.00
05-Dec-18 31,097.00 31,089.00
05-Dec-18 30,820.00 31,075.00
04-Dec-18 30,825.00 31,106.00
03-Dec-18 30,526.00 30,889.00
30-Nov-18 30,269.00 30,240.00
29-Nov-18 30,375.00 30,204.00
 Source: mcxindia, IIFL Research

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