MCX Gold holds steady near ₹1.09 lakh per 10 gram ahead of US Federal Reserve meeting this week; check details

Market recap (as of 4:00 pm)

• Gold 3 Oct Futures: ₹1,09,125/ 10 gram (▼ 0.2%)
• Silver 5 Dec Futures: ₹1,28,493/ 1 kg (▼ 0.2%)
• Crude Oil 19 Sept Futures: ₹5,549/ 1 BBL (▲ 0.4%)

Technical view

Gold prices sustained its gains at higher levels and are consolidating around ₹1,09,000 within the range of 9 September. While the broader trend of the gold remains bullish, traders can monitor the range of ₹1,09,800 and ₹1,08,600. A break of this range on a closing basis will provide further directional clues.

Silver prices witnessed profit-booking and consolidation after the breakout on 12 September and is forming a bullish piercing candle on the daily chart. Additionally, it retested the immediate support zone of ₹1,27,200, witnessing support based buying. Unless silver slips below the ₹1,27,200 zone on a closing basis, it may sustain the bullish momentum.

Crude oil prices extended the consolidation for the fifth consecutive session and is facing resistance around its 21-day and 50-day exponential moving averages (EMAs). The broader trend of the crude still remains range-bound with immediate resistance around ₹6,000 and ₹5,300. The break of this range on a closing basis will provide further directional clues.

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