October 09, 2023 / 09:48 AM IST
Sensex Today | Rahul Kalantri, VP Commodities, Mehta Equities:
Gold price is building on Friday’s rebound, almost recapturing the $1,850 barrier in early Monday trades. Escalating geopolitical tensions in the Middle East are spooking markets, as they seek safety in traditional safe havens such as Gold price, the US Dollar, Treasuries etc. Gold prices gained on Friday, helped by a technical rebound after a nine-day losing streak, although robust U.S. jobs data raised worries over another U.S. rate hike and given the second weekly negative close. We expect gold and silver to remain volatile in today’s session.
Gold has support at $1836-1824 while resistance is at $1858-1870. Silver has support at $21.70-21.55, while resistance is at $22.09-22.22. In INR terms gold has support at Rs 56,750-56,550. while resistance is at Rs 57,380-57,550. Silver has support at Rs 67,500-67,150, while resistance is at Rs 68,940–69,850.