Gold Rate Today: Gold, silver edge lower on rise in risk appetite
MCX Gold (Dec) futures were down 0.13 per cent to Rs 38,197.
The Cabinet approved a Rs 25,000 crore plan to revive the real estate sector on Wednesday. The announcement lifted the equity market to their highs.
MCX Gold (Dec) futures were down 0.13 per cent to Rs 38,197, while MCX Silver (Dec) futures ebbed 0.06 per cent lower to Rs 45,631.
Brokerage SMC Global expects gold to take support near Rs 38,020 while facing resistance near Rs 38,480. Similarly, silver can test Rs 46,100 while taking support near Rs 45,200, it said.
In the international market, gold prices were little changed on Thursday as investors maintained a cautious stance amid signs of a delay in Washington and Beijing signing a long-awaited interim trade deal.
Spot gold was trading at $1,491.27 per ounce, as of 0337 GMT, while US gold futures were flat at $1,492.9 per ounce, reported Reuters.
According to technical analysis, spot gold may retest support at $1,482 per ounce, a break below which could cause a fall to the Oct. 1 low of $1,458.50, said a Reuters analyst.
The support is identified as the 23.6% retracement of the downtrend from $1,557 to $1,458.80. It triggered a bounce which is classified as a pullback towards a wedge.
The pullback may end around $1,497, to be followed by a drop towards $1,482. A break above $1,497 could make the wedge invalid, and a bullish target zone of $1,508-$1,519 will be established then.