MCX gold remained under pressure on Monday, Oct. 5, slipping below the Rs 1,49,000 mark despite COMEX gold trading marginally higher. The yellow metal's decline came as silver continued to outperform gold in international markets.
Around 11:41 a.m., MCX gold futures expiring Dec. 4 were trading at Rs 1,49,440, down Rs 950, or 0.63%, from its previous close of Rs 1,50,390. The contract opened at higher levels at Rs 1,51,197 before declining to a low of Rs 1,48,850, losing Rs 1,540 against its previous close.
In international markets, COMEX gold was at $4,164, up $1.70, or 0.04%. COMEX silver, meanwhile, was trading at $61.370, gaining $0.955, or 1.58%.
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Gold Technical Outlook
According to Ponmudi R, CEO of Enrich Money, as the yellow metal slipped below the Rs 1,50,000 mark, this level has now turned into the immediate resistance. He stated that the immediate resistance is now in the range of Rs 1,51,000 to Rs 1,51,600, followed by Rs 1,52,500 to Rs 1,53,000.
On the downside, the immediate support is at Rs 1,48,000 to Rs 1,47,300, followed by Rs 1,46,000 to Rs 1,45,300.
He also stated that the RSI is currently soft at 43, while the MACD stays in negative territory.
Gold Vs Silver
Ponmudi also highlighted that MCX gold is lagging MCX silver today, in line with the divergence seen in the international markets, where COMEX silver is sharply outperforming gold.
This indicates that the relative weakness is part of the broader global metals pattern rather than a local anomaly.
For gold, the immediate focus remains on whether prices can regain the Rs 1,50,000 level and sustain above the mark to stabilize further. Any move below Rs 1,48,000 can further drag the previous metal towards the Rs 1,46,000 level.
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