Gold rate today: Gold, silver gain as British lawmakers delay Brexit plans

October 23, 2019

London (Oct 23)  Bullion counters were trading with gains in the domestic commodity market on Wednesday after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union.

MCX Gold (Dec) futures were up 0.4 per cent to Rs 38,025, while MCX Silver (Dec) futures were trading 0.44 per cent higher at Rs 45,375.

Bullion counter may trade sideways to upside, SMC Global said. Gold can test Rs 38,200 while taking support near Rs 37,900 and silver can test Rs 45,800 while taking support near Rs 45,000, it added.

In the international market, gold prices were steady as investors awaited more clarity on the Brexit and the US-China trade war, but a rally in the bond markets provided modest support to the bullion, reported Reuters.

Spot gold was up 0.1 per cent at $1,489.45 per ounce, as of 0441 GMT. US gold futures rose 0.3 per cent to $1,492.50 per ounce.

On technical charts, spot gold is biased to break a support at $1,479 per ounce, and fall towards the next support at $1,456, according to a Reuters analyst.

These supports are identified as the 38.2 per cent and the 61.8 per cent projection levels of the wave C from $1,516.77. The consolidation above $1,479 seems to be taking the shape of a wedge.

On the daily chart, gold may drop to $1,463, as long as it remains below $1,499, the 14.6 per cent retracement on the uptrend from $1,159.96 to $1,557


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