The February gold futures jumped by Rs 3,000 or 2% over the Friday value even because the COMEX gold hit the $4,674.90 an oz mark, surging by $79.50 or 1.73%.
After a hardly negotiated commerce deal final yr, Trump reignited sentiments with an explosive menace to position levies on nations that oppose his takeover bid of Greenland.
Trump on Saturday mentioned he would put rising tariffs from February 1 on items imported from EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, together with Britain and Norway, till the US is allowed to purchase Greenland, a step main EU states decried as blackmail.
On Sunday, European Union ambassadors reached broad settlement to accentuate efforts to dissuade Trump from imposing these tariffs, whereas additionally readying a package deal of retaliatory measures ought to the duties go forward, Reuters reported, quoting EU diplomats.
Gold begins the week on a agency notice and the broader development stays firmly bullish, although costs at elevated ranges counsel that purchasing on intraday or positional dips stays the popular technique slightly than chasing upside, Jateen Trivedi, Vice President – Analysis at LKP Securities mentioned.
Furthermore, persistent rupee volatility is retaining MCX gold comparatively extra risky in comparison with COMEX, he mentioned, including that any renewed weak spot in INR is prone to cushion draw back dangers and help home gold costs even throughout international pauses. Additionally Learn | Can Rs 3 lakh flip into Rs 5 crore in 15 years? Skilled explains learn how to align your MF portfolio
5 technical triggers to be careful for:
1. Key help & resistance
Gold continues to carry a powerful uptrend construction, buying and selling properly above its key short-to-medium-term averages. The speedy resistance is seen close to Rs 1,46,000, adopted by Rs 1,47,000, the place some consolidation or revenue reserving can’t be dominated out. On the draw back, Rs 1,43,000–Rs 1,43,500 emerges as a powerful help zone, whereas Rs 1,40,000 stays the main trend-defining help on a closing foundation. So long as costs maintain above Rs 1,40,000, the bullish construction stays intact, Trivedi mentioned.
2. Momentum indicators
RSI (14) is positioned close to 69, reflecting sturdy momentum whereas nonetheless staying slightly below excessive overbought ranges. This means energy with scope for continuation after minor cooling-off phases.
3. Bollinger bands
Worth is buying and selling near the higher Bollinger band, confirming development energy. Bands stay reasonably expanded, suggesting sustained volatility with a bullish bias. Any retracement in direction of the center band is prone to entice recent shopping for curiosity.
4. Transferring averages
The EMA 8 continues to behave as speedy dynamic help round Rs 1,42,500–Rs 1,43,000, whereas the EMA 21 close to Rs 1,39,000–Rs 1,40,000 gives a powerful positional base. The optimistic slope of each averages reinforces the continuation of the uptrend.
5. MACD
MACD stays in optimistic territory with the histogram holding above zero, indicating that bullish momentum remains to be intact regardless of minor consolidation phases.
Gold buying and selling technique
Trivedi suggests a buy-on-dip technique, placing the shopping for zone at Rs 1,43,000–Rs 1,43,500. He locations the cease loss under Rs 1,40,000 on the closing foundation whereas estimating targets of Rs 1,46,000/Rs 1,47,000.
(Disclaimer: The suggestions, strategies, views, and opinions given by the consultants are their very own. These don’t signify the views of The Financial Instances.)
The February gold futures jumped by Rs 3,000 or 2% over the Friday value even because the COMEX gold hit the $4,674.90 an oz mark, surging by $79.50 or 1.73%.
After a hardly negotiated commerce deal final yr, Trump reignited sentiments with an explosive menace to position levies on nations that oppose his takeover bid of Greenland.
Trump on Saturday mentioned he would put rising tariffs from February 1 on items imported from EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, together with Britain and Norway, till the US is allowed to purchase Greenland, a step main EU states decried as blackmail.
On Sunday, European Union ambassadors reached broad settlement to accentuate efforts to dissuade Trump from imposing these tariffs, whereas additionally readying a package deal of retaliatory measures ought to the duties go forward, Reuters reported, quoting EU diplomats.
Gold begins the week on a agency notice and the broader development stays firmly bullish, although costs at elevated ranges counsel that purchasing on intraday or positional dips stays the popular technique slightly than chasing upside, Jateen Trivedi, Vice President – Analysis at LKP Securities mentioned.
Furthermore, persistent rupee volatility is retaining MCX gold comparatively extra risky in comparison with COMEX, he mentioned, including that any renewed weak spot in INR is prone to cushion draw back dangers and help home gold costs even throughout international pauses. Additionally Learn | Can Rs 3 lakh flip into Rs 5 crore in 15 years? Skilled explains learn how to align your MF portfolio
5 technical triggers to be careful for:
1. Key help & resistance
Gold continues to carry a powerful uptrend construction, buying and selling properly above its key short-to-medium-term averages. The speedy resistance is seen close to Rs 1,46,000, adopted by Rs 1,47,000, the place some consolidation or revenue reserving can’t be dominated out. On the draw back, Rs 1,43,000–Rs 1,43,500 emerges as a powerful help zone, whereas Rs 1,40,000 stays the main trend-defining help on a closing foundation. So long as costs maintain above Rs 1,40,000, the bullish construction stays intact, Trivedi mentioned.
2. Momentum indicators
RSI (14) is positioned close to 69, reflecting sturdy momentum whereas nonetheless staying slightly below excessive overbought ranges. This means energy with scope for continuation after minor cooling-off phases.
3. Bollinger bands
Worth is buying and selling near the higher Bollinger band, confirming development energy. Bands stay reasonably expanded, suggesting sustained volatility with a bullish bias. Any retracement in direction of the center band is prone to entice recent shopping for curiosity.
4. Transferring averages
The EMA 8 continues to behave as speedy dynamic help round Rs 1,42,500–Rs 1,43,000, whereas the EMA 21 close to Rs 1,39,000–Rs 1,40,000 gives a powerful positional base. The optimistic slope of each averages reinforces the continuation of the uptrend.
5. MACD
MACD stays in optimistic territory with the histogram holding above zero, indicating that bullish momentum remains to be intact regardless of minor consolidation phases.
Gold buying and selling technique
Trivedi suggests a buy-on-dip technique, placing the shopping for zone at Rs 1,43,000–Rs 1,43,500. He locations the cease loss under Rs 1,40,000 on the closing foundation whereas estimating targets of Rs 1,46,000/Rs 1,47,000.
(Disclaimer: The suggestions, strategies, views, and opinions given by the consultants are their very own. These don’t signify the views of The Financial Instances.)
