Gold prices continued their recovery on Thursday, November 5, with MCX gold futures climbing to Rs 1,46,109 per 10 grams in early trade today. The December futures gained Rs 6,657 in just two sessions from its November 3 closing at Rs 1,39,452.
A weakening US dollar, easing crude oil prices, and expectations that geopolitical tensions may not escalate further, with Democrats winning over the US Congress, have boosted the yellow metal rally. Lower crude prices have also reduced concerns about a sharp rise in inflation, easing expectations of further interest rate hikes by the US Federal Reserve.
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A softer interest rate outlook tends to support gold, as the precious metal does not offer interest income. A weaker dollar also makes gold more attractive to buyers holding other currencies.
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Gold Price Rallying in the International Market
Gold prices are rallying globally and have extended their recovery on COMEX, similar to MCX gold futures. COMEX gold futures opened at $4,075 and then moved up to nearly $4,147, gaining 1.83% and extending Wednesday's rally.
The precious metal had gained as much as 3.6% on Wednesday, marking its strongest single-session advance since mid of August. A weaker dollar and falling US Treasury yields supported the rally, while easing crude oil prices helped reduce inflation concerns.
The upcoming US payrolls data is another important trigger for gold prices, as it could influence expectations around the Federal Reserve's interest rate decisions.
As per Ponmudi R, CEO of Enrich Money, the immediate support for Comex gold futures is at $4,070 to $4,100, while resistance is seen at $4,170 to $4,200. A sustained move above this resistance could open the way towards the $4,270 to $4,300 level.
Gold Price Technical Outlook
According to Ponmudi, the near-term outlook for MCX gold futures with December delivery has turned positive following its sharp recovery from recent lows.
For the MCX gold futures, the immediate resistance zone is now Rs 1,45,300 to Rs 1,46,000, and if the yellow metal moves above this range, then the next resistance would be at Rs 1,48,000 to Rs 1,48,600.
On the downside, the immediate support zone is between Rs 1,43,000 and Rs 1,43,700, and the next support is placed at Rs 1,40,000 to Rs 1,41,000.
RSI is recovering towards the neutral 50 mark, with the MACD indicator turning positive, suggesting that buying momentum is improving.
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