Gold prices were absolutely flat in international, as well as domestic trade. Gold Futures for August delivery were up just 0.14% at Rs 47,125, while international spot gold prices were trading at $1780.20 an ounce, with gains of 0.18%. Lack of cues and flat equity and currency markets also contributed to the less volatile movement.
Spot gold rates in India are expected to open little changed in trade today.
"Technically, August gold futures bears have the overall near-term technical advantage. A three-week-old price downtrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,826.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at today's high of $1,790.10 and then at $1,800.00. First support is seen at last week's low of $1,761.20 and then at $1,750.00," Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited
On Silver, he says that July silver futures bears have the overall near-term technical advantage. "A four-week-old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at this week's high of $26.135 and then at $26.555. Next support is seen at this week's low of $25.58 and then at $25.00," he states.
According to Sandeep Matta, Founder, TRADEIT Investment Advisor, technically gold price will remain in congestion zone until it cross $1800 mark.
"Gold of MCX somehow able to manage 47000 level market and again expected to remain in range. Traders will find movement in both the side and is a market for skilled traders," he says.