MCX Gold Updates and Live Price For Today

Gold is, trading at 1683.75 at this writing. The yellow metal is trading within in a very tight range of 1691 – 1693, edging up and down without any particular direction and little volume. India is already increases the import duty on gold imports in an effort to slash its bulging current account deficit. The tactic is same as the older one that the government has used before. This time, the rate was increased from 4 percent to 6 percent. Jewelry demand in India fell 11 percent last year, according to Societe Generale, which believes that the decline could have more to do with fears of a weak monsoon season and volatility in gold  prices than with tax increases. However, the firm also pointed to small bar demand, which usually steals market share from the jewelry sector in times of uncertainty or rising prices. But last year, demand for that product also dropped by 26 percent.

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HOW TO TRADE COMMODITY GOLD & SILVER @ BEST INTRADAY NCDEX CALLS

Bullion futures were trading lower on the domestic exchanges tracking the fall in the overseas markets. The weak rupee against the US dollar, limited the downside in prices. On COMEX, the precious metals were trading lower today on profit booking after the rise in prices Tuesday.

MCX Gold Tips

MCX Gold February Contract is looking positive for the day. Market may find support near 30820 and 30720; intraday resistance can be seen near 30930 & 31030. Day traders are advised to buy intraday on dips.  (Buy around 30820 with SL 30720, for the target of 30930 & 31030.)

MCX Silver Tips

MCX Silver March Contract is looking slightly positive for the day. Market may find support near 59200 & 58700; intraday resistance can be seen near 59700 & 60200. Day traders are advised to buy intraday on dips.  (Buy around 59200 with SL 58700, for the target of 59700 & 60200.)

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MCX Tips: Gold and Silver Today

MCX Gold Tips

Gold suggest that prices have reversed after taking resistance at 30200 levels. MACD is in a sell mode. We expect prices to correct up to levels of 29000. Witnessing recovering move may not be succeed until prices make concrete trades above 29700 region and such abortive attempt could find support at 29490/29400 or even lower towards 29200. Conversely, astonishing move above 29700 region could lift up prices towards 29870/30550 or even higher towards 30650.

we expect gold prices to find Support at 29,430 – 29,400 levels and further below strong support is seen at 29,150-29,100 levels.

MCX Silver Tips

we expect Silver prices to find strong support in the range of 53,900-53,700 levels. Multiple closing below 53,700 levels would indicate that a short term top has been posted. Dips if unable to succeed below 53300 expect reversal of the present selling momentum and prices could edge higher towards 54600 or even more. A direct fall below 53100 will extend liquidation pressure towards 51000 later.

Silver suggest that prices have reversed after taking resistance at 56300 levels. RSI is in a sell mode. We expect prices to correct up to levels of 53000.

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