Gold rate today: Gold, silver trade lower ahead of the RBI policy decision

MCX Gold (Dec) futures were trading 0.14 per cent lower at Rs 38,350.

New Delhi: Bullion counters were trading lower ahead of the RBI policy decision on Friday. The Monetary Policy Committee of the RBI is likely to cut rates to bring the economy back on track.

MCX Gold (Dec) futures were trading 0.14 per cent lower at Rs 38,350. MCX Silver (Dec) cut 0.44 per cent to Rs 45,440.

SMC Global expects bullion counters to trade sideways-to-positive, but profit booking at higher levels can be seen. Gold (Dec) can take support near Rs 38,200 while facing resistance near Rs 38,800 and silver can test Rs 46,000 while taking support near Rs 45,400, it added.


In the international market, gold prices rose for a fourth straight session on Friday as weak US economic data fanned fears over sluggish growth with investors awaiting a key jobs report that could cement expectations for further rate cuts by the Federal Reserve.

Spot gold was up 0.3 per cent to $1,508.90 per ounce, as of 0339 GMT. It climbed to $1,518.50, its highest since September 25, in the previous session. US gold futures were flat at $1,515.10 an ounce.

Spot gold may end its bounce around a resistance at $1,514 per ounce, as suggested by a retracement analysis and a falling channel.
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Gold Rates - Spot & Futures (.995 purity) (MCX)

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Dec-2019
20-11-201938305.038145.0
15-11-201938096.037988.0
14-11-201938217.038285.0
12-11-20190.037729.0
08-11-201937919.037692.0
05-11-201938565.037859.0
01-11-201938703.038320.0
31-10-201938650.038580.0
29-10-201938630.037910.0
27-10-201938630.038289.0


The downtrend from $1,557 looks incomplete. It may consist of three big waves. The bounce has been driven by the second wave labelled B.

The trend has been developing within the falling channel, which indicates the wave B may end around $1,514, the 14.6 per cent retracement on the uptrend from $1,265.85 to $1,557. Only a rise above $1,537 could confirm the continuation of the uptrend.

On the daily chart, a projection analysis reveals a resistance at $1,524, the 138.2 per cent level of the uptrend from $1,265.90. The uptrend consists of five waves. The bottom of the wave 4 around $1,382 may be revisited.
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The resistance at $1,524 may work together with the one at $1,214 on the hourly chart to stop the bounce.
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