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Gold rate today: Bullion flat ahead of US Fed meet outcome

In the US markets, gold prices moved in a narrow range on Wednesday.

ETMarkets.com|
Dec 11, 2019, 10.00 AM IST
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MCX Gold (Feb) futures were virtually unchanged at Rs 37,572 while MCX Silver (Mar) futures were down 0.02 per cent at Rs 43,498.

Commodity Summary
MCX

GOLD
SILVER
Bullion counters were flat on domestic bourses on Wednesday amid uncertainty over US’ tariff decisions on China. Traders also awaited the outcome of the US Federal Reserve’s policy meeting that is underway.

MCX Gold (Feb) futures were virtually unchanged at Rs 37,572 while MCX Silver (Mar) futures were down 0.02 per cent at Rs 43,498.

In the US markets, gold prices moved in a narrow range on Wednesday as cautious investors held back from making big bets ahead of the monetary policy statement later in the day.

Spot gold was little changed at $1,464.01 per ounce by 0104 GMT, reported Reuters. US gold futures were flat at $1,468.40.

Gold Rates - Spot & Futures (.995 purity) (MCX)

DateGold Spot Price
Rs/10 grms (AHMEDABAD)
Gold Future Price
Rs/10 grms Expiry: 05-Feb-2020
24-01-202040002.040379.0
21-01-202039851.039968.0
17-01-202039804.039971.0
14-01-202039602.039462.0
10-01-202039607.039870.0
07-01-202040372.040673.0
03-01-202039948.040132.0
01-01-202038995.039072.0


According to technical charts, signals are mixed for spot gold, as it keeps bouncing towards a resistance at $1,466 per ounce, said a Reuters analyst.

The resistance is provided by the 50 per cent projection level of a downward wave C from $1,515.41. This wave is expected to extend to $1,417.

Strategically, this target at $1,417 could only be confirmed when gold breaks below $1,455. The target has to be aborted should gold break $1,466, as the break will signal an extension of the uptrend from the Nov. 12 low of $1,445.18, towards a range of $1,478-$1,492.

On the daily chart, gold is consolidating within a short rising channel. The consolidation looks like a part of a bearish flag that developed from the Oct. 31 high of $1,514.20. The downtrend from $1,557 remains steady within a falling channel, which suggests a lower target at $1,411.

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