Bullion counters were trading flat with a negative bias on Tuesday amid progress in trade talks between the United States and China. However, the lack of clarity in the negotiation details capped losses.
MCX Gold (Dec) futures were down 0.04 per cent at Rs 37,875, while MCX Silver (Dec) futures were down 0.01 per cent at Rs 45,428.
Bullion counters may trade sideways to lower, said SMC Global. Gold can test Rs 37,500 while facing resistance near Rs 38,100 and silver can test Rs 45,000 while taking resistance near Rs 45,600, it added.
In the international market, gold was largely muted on Tuesday. Spot gold was little changed at $1,484.12 per ounce as of 0423 GMT. US gold futures shed 0.1 per cent to $1,487.10 per ounce.
Spot gold is poised to break a support at $1,479 per ounce, and fall towards the next support at $1,456.
These supports are identified as the 38.2 and the 61.8 per cent projection levels of the wave C from $1,516.77. A break above $1,502 could lead to a gain to $1,517. However, such a break looks less probable, following the drop on Monday.
Courtesy - Economic Times