On Tuesday silver and gold prices were trading lower in early trade due to some profit booking in the precious metal pack. MCX Gold futures were down 0.12 per cent at Rs 39,061 per 10 gram at around 10.10 am (IST). Likewise, the white metal silver was trading 0.44 per cent down at Rs 46,505 per 1 kg.
Gold printed its lowest point on week 28, placing it late in its timing band for an intermediate cycle low.
Gold extended its steady intraday decline through the mid-European session and dropped to fresh monthly lows, around the $1480 region in the last hour. The downtick dragged the commodity back below the 23.6% Fibonacci level of the $1266-$1557 move up and closer to important horizontal support near the $1480 region.
MasterMind Update (MMU) – At the value low, found the tail where price moving toward the control price. Trader always tries to short at control price but not aggressive.
GOLD PRICE OUTLOOK TALKING POINTS:
Gold prices have set a fresh 2019 low this morning, and this comes even as the US Dollar struggles around the 97.00 level. Support is hanging, albeit by a thread, from the 38.2% retracement of the August-February bullish move, around the level of 1275.55.
COMMODITY MARKET OUTLOOK – 19 FEB 2019 – Last week gold tested the lower levels of support and a couple of days looked like it was going to sell off. However, each time gold looked to be under pressure, buyers stepped in and supported the yellow metal, pushing it back over the key support level.