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Economic Times
a day ago
- Business
- Economic Times
Commodity Radar: Gold jumps Rs 1,700 on MCX amid Trump's fresh tariff threats. 5 technical signals to watch
Tired of too many ads? Remove Ads Tech view Tired of too many ads? Remove Ads 5 technical insights before making a trade: 1) Key levels 2) RSI (14): 57.49 – Bullish tilt with room to expand 3) Bollinger Bands: Expanding, suggesting volatility resumption 4) Moving Averages – EMA 8 & EMA 21 suggest bullish cross confirmed EMA 8 (Yellow): Rs 96,640 EMA 21 (Red): Rs 96,000 Tired of too many ads? Remove Ads Fundamentals Gold strategy: Buy-on-Dips Gold prices surged 2% or by Rs 1,740 on Monday following Donald Trump administration's threat of doubling steel import levies to 50%. The domestic prices took cues from the international prices which were up by $66 per troy ounce and trading around $3, 7 pm, the MCX June gold futures were trading at Rs 97,473, up by Rs 1,598 or 1.67% from the last closing price of Rs 95, gold prices were up, gaining from a slip in the dollar index (DXY) which was hovering around 99 against a basket of six top currencies. It was down by 0.43 points or 0.43% at 98.90. It has declined by 0.21% over the past five trading sessions.'Gold reacted positively as market priced in the re-rising geopolitical risk between Russia and Ukraine, following intensified cross-border retaliations,' Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said."Gold August futures rebounded strongly from the Rs 96,100 zone and closed the week at Rs 97,196, showing bullish intent. Price is attempting a breakout from the recent consolidation range and now trades well above both short-term and medium-term averages," Trivedi near-term support and last week's low is at 96,000 while a major swing support and psychological base is seen at Rs 94,000. Rs 92,200 is the trend-defining base and a breakdown below this invalidates bearish structure, Trivedi said. He sees immediate resistance at Rs 97,500 which was last week's high while the intermediate resistance lies near the upper bollinger band of Rs 98,400."The bias remains positive as long as Rs 96,000 holds and a close above Rs 97,500 could push prices quickly toward Rs 98,400–Rs 99, RSI has rebounded from the 50-support level and currently rests near 59, suggesting a mild bullish bias. While the oscillator is not in overbought territory, it reflects a recovering trend. A break above Rs 96,700 could fuel further momentum toward overbought zones. On the contrary, a fall below Rs 95,200 may see the RSI dropping back toward neutral RSI has rebounded from previous lows and now stands at 57.5, pointing toward a rising bullish momentum. It is not yet in overbought territory, indicating that there's still room for upside. A sustained move above 60 will reinforce bullish bands are starting to widen, suggesting that volatility may be returning after a contractionphase in mid-May. The price is now hugging the upper band, hinting at buying pressurebuilding. If price sustains above the mid-band (96,100), the upside band at Rs 98,400 becomes the next is well above both the 8-day and 21-day EMAs, with the fast EMA (8) above the slow EMA (21), confirming a bullish crossover. These moving averages will act as dynamic support zones in case of a dip. Bulls remain in control as long as price holds above Rs 96,000.A bullish crossover has just occurred, and the histogram has turned positive after weeks of decline. This strongly supports a fresh upward momentum and aligns with bullish continuation if price holds above Rs 96, the fundamentals, the Russia-Ukraine War Escalation lends support to the yellow metal the uncertainty around tariffs remains which is expected to raise the haven appeal of gold.'Fed remains cautious on rate cuts, given ongoing uncertainty around global tariffs and internal US political instability. This contrast is supportive of gold as a hedge, though any Fed hawkishness may cap aggressive upside,' this analyst from the US will be a key indicator and this week remains macro-heavy, with multiple releases that could determine gold's next Chair Jerome Powell's speech with dovish tilt could fuel a rally, the LKP Securities analyst said, adding that stronger job data could cap upside due to fears of persistent Fed tightening. A weaker data could become a trigger for Rs 98,400 Indian rupee is expected to rise marginally on growing expectations of an RBI rate cut on June 6, which will be non supportive for MCX Gold. INR appreciation tends to decrease MCX gold prices even when COMEX gold is range-bound, Trivedi technical structure, combined with a favorable geopolitical and domestic currency environment, continues to favor a buy-on-dips strategy. As long as gold stays above Rs 96,000, bulls have the upper near Rs 96,400–96,600 zone for a target of Rs 97,500/Rs 98,400/ Rs 99,300 and a stop loss of Rs 94,000 on closing basis.A decisive move above Rs 97,500 with volume could trigger a bullish breakout toward Rs 99,300 in the coming week(s). Macro data and Powell's tone will act as key short-term catalysts.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Time of India
a day ago
- Business
- Time of India
Commodity Radar: Gold jumps Rs 1,700 on MCX amid Trump's fresh tariff threats. 5 technical signals to watch
Gold prices surged 2% or by Rs 1,740 on Monday following Donald Trump administration's threat of doubling steel import levies to 50%. The domestic prices took cues from the international prices which were up by $66 per troy ounce and trading around $3,355. Around 7 pm, the MCX June gold futures were trading at Rs 97,473, up by Rs 1,598 or 1.67% from the last closing price of Rs 95,875. The gold prices were up, gaining from a slip in the dollar index (DXY) which was hovering around 99 against a basket of six top currencies. It was down by 0.43 points or 0.43% at 98.90. It has declined by 0.21% over the past five trading sessions. 'Gold reacted positively as market priced in the re-rising geopolitical risk between Russia and Ukraine, following intensified cross-border retaliations,' Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said. Tech view "Gold August futures rebounded strongly from the Rs 96,100 zone and closed the week at Rs 97,196, showing bullish intent. Price is attempting a breakout from the recent consolidation range and now trades well above both short-term and medium-term averages," Trivedi said. 5 technical insights before making a trade: 1) Key levels The near-term support and last week's low is at 96,000 while a major swing support and psychological base is seen at Rs 94,000. Rs 92,200 is the trend-defining base and a breakdown below this invalidates bearish structure, Trivedi said. He sees immediate resistance at Rs 97,500 which was last week's high while the intermediate resistance lies near the upper bollinger band of Rs 98,400. "The bias remains positive as long as Rs 96,000 holds and a close above Rs 97,500 could push prices quickly toward Rs 98,400–Rs 99,300. 2) RSI (14): 57.49 – Bullish tilt with room to expand The RSI has rebounded from the 50-support level and currently rests near 59, suggesting a mild bullish bias. While the oscillator is not in overbought territory, it reflects a recovering trend. A break above Rs 96,700 could fuel further momentum toward overbought zones. On the contrary, a fall below Rs 95,200 may see the RSI dropping back toward neutral levels. The RSI has rebounded from previous lows and now stands at 57.5, pointing toward a rising bullish momentum. It is not yet in overbought territory, indicating that there's still room for upside. A sustained move above 60 will reinforce bullish continuation. 3) Bollinger Bands: Expanding, suggesting volatility resumption The bands are starting to widen, suggesting that volatility may be returning after a contraction phase in mid-May. The price is now hugging the upper band, hinting at buying pressure building. If price sustains above the mid-band (96,100), the upside band at Rs 98,400 becomes the next test. 4) Moving Averages – EMA 8 & EMA 21 suggest bullish cross confirmed EMA 8 (Yellow): Rs 96,640 EMA 21 (Red): Rs 96,000 Price is well above both the 8-day and 21-day EMAs, with the fast EMA (8) above the slow EMA (21), confirming a bullish crossover. These moving averages will act as dynamic support zones in case of a dip. Bulls remain in control as long as price holds above Rs 96,000. 5) MACD: A bullish crossover has just occurred, and the histogram has turned positive after weeks of decline. This strongly supports a fresh upward momentum and aligns with bullish continuation if price holds above Rs 96,000. Fundamentals On the fundamentals, the Russia-Ukraine War Escalation lends support to the yellow metal prices. Moreover, the uncertainty around tariffs remains which is expected to raise the haven appeal of gold. 'Fed remains cautious on rate cuts, given ongoing uncertainty around global tariffs and internal US political instability. This contrast is supportive of gold as a hedge, though any Fed hawkishness may cap aggressive upside,' this analyst said. Data from the US will be a key indicator and this week remains macro-heavy, with multiple releases that could determine gold's next move. Fed Chair Jerome Powell's speech with dovish tilt could fuel a rally, the LKP Securities analyst said, adding that stronger job data could cap upside due to fears of persistent Fed tightening. A weaker data could become a trigger for Rs 98,400 breakout. The Indian rupee is expected to rise marginally on growing expectations of an RBI rate cut on June 6, which will be non supportive for MCX Gold. INR appreciation tends to decrease MCX gold prices even when COMEX gold is range-bound, Trivedi said. Gold strategy: Buy-on-Dips The technical structure, combined with a favorable geopolitical and domestic currency environment, continues to favor a buy-on-dips strategy. As long as gold stays above Rs 96,000, bulls have the upper hand. Buy near Rs 96,400–96,600 zone for a target of Rs 97,500/Rs 98,400/ Rs 99,300 and a stop loss of Rs 94,000 on closing basis. A decisive move above Rs 97,500 with volume could trigger a bullish breakout toward Rs 99,300 in the coming week(s). Macro data and Powell's tone will act as key short-term catalysts.
Economic Times
2 days ago
- Business
- Economic Times
Deploy Bull Call Butterfly Spread in Nifty for gains from bullish momentum
On Friday, the Nifty index formed a small-bodied bearish candle, losing 82 points to close at 24,750. Despite the decline, the index continues to find support at the middle band of the Bollinger Bands (20-day SMA), which currently stands at 24,692, just below Friday's level has acted as a critical support zone over recent Nifty remains above the 61.8% Fibonacci retracement level at 24,545, drawn from the swing
Time of India
5 days ago
- Business
- Time of India
Gold price prediction today: What's the gold rate outlook for May 30, 2025 - should you buy or sell?
Gold price prediction: The precious metal, which closed at ₹96500 levels, is likely to face immediate selling pressure as global cues turn negative. (AI image) Gold price prediction today: Gold rate remains below its record peak, leaving investors uncertain about their trading decisions regarding the precious metal. Which price points should investors monitor? Here's the analysis from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities: MCX Gold June 2025 contract is expected to open with a significant gap down following weakness in COMEX gold overnight. The precious metal, which closed at ₹96500 levels, is likely to face immediate selling pressure as global cues turn negative. This presents a strategic opportunity for intraday traders to capitalize on any pullback rallies. Current Technical Setup Previous Close: ₹96500 Expected Opening Range: ₹96100-96200 (gap down of 300-400 points) Key Technical Levels: EMA 8: ₹96350 (now acting as immediate resistance) EMA 21: ₹96100 (potential support turned resistance) RSI: Expected to open below 40 (oversold bounce likely) MACD: Bearish crossover confirmed with negative histogram Bollinger Bands: Price likely to test middle band support Sell-on-Rise Strategy: 96350-96400 Zone Strategic Rationale: The 96350-96400 zone represents a confluence of critical resistance factors: 1. EMA 8 Resistance: The 8-day moving average at 96350 will act as dynamic resistance 2. Gap Fill Resistance: Markets often struggle to fill gaps completely on first attempt 3. Previous Support Turned Resistance: Yesterday's support levels become today's resistance 4. Psychological Level: Round number resistance at 96400 Entry Parameters: Primary Sell Zone: ₹96350-96400 Ideal Entry: ₹96375 (middle of the resistance zone) Stop Loss: ₹96550 (above previous day's high) Target 1: ₹96000 (psychological support) Target 2: ₹95800 (next significant support) Target 3: ₹95550 (extended target for swing traders) Execution Strategy: 1. Wait for Gap Opening: Allow the market to digest the gap down 2. Monitor Recovery Attempt: Look for pullback rally toward resistance zone 3. Entry Confirmation: Bearish reversal candlestick pattern (shooting star, doji, bearish engulfing) RSI showing negative divergence near 50-55 levels Volume declining on the recovery attempt 4. Risk Management: Trail stop loss to breakeven once Target 1 is achieved Market Sentiment Analysis The overnight weakness in COMEX gold reflects: Dollar Strength: DXY showing resilience above key levels Yield Pressure: 10-year Treasury yields rising, reducing gold's appeal Risk Appetite: Improving equity markets reducing safe-haven demand Technical Breakdown: Key support levels breached in international markets Risk Factors to Monitor Geopolitical Developments: Any sudden safe-haven demand Dollar Reversal: Unexpected USD weakness Economic Data: US economic releases affecting gold sentiment COMEX Recovery: Any sharp recovery in international gold prices Alternative Scenario If gold manages to close the gap and sustain above ₹96500, it would negate the bearish thesis. In such case, traders should: Exit short positions immediately Reassess the technical picture Wait for fresh setup Conclusion The expected gap down in MCX gold creates an ideal setup for sell-on-rise strategy. The 96350-96400 resistance zone offers a favorable risk-reward ratio for intraday traders. However, strict adherence to stop losses is crucial given the volatile nature of precious metals. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
5 days ago
- Business
- Yahoo
Ether Likely Building Energy To Smash Through $3K
Ether ETH appears poised to surpass the $3,000 mark as it forms an "ascending triangle" pattern on the price chart. The ascending triangle is characterized by horizontal upper-bound resistance or supply point that repeatedly caps gains and an upward-sloping support line. Ether has faced resistance at $2,735 multiple times over the past two weeks, while subsequent reaction lows have been rising. The price action represents an ascending triangle. The higher lows indicate that buying pressure is rising, which is what gives the ascending triangle its bullish nature. In other words, the pattern represents accumulation that usually sets the stage for the next leg of higher prices. An expected breakout from the ascending triangle would signal a resumption of the rally from April lows near $1,390, opening the door for a move above $3,000. The impending crossover of the 50-day simple moving average (SMA) above the 100-day SMA supports the bullish case. The move could be explosive, as the gap between the Bollinger Bands has narrowed to nearly $250, which has consistently presaged volatility explosion since November. Bollinger bands are volatility bands placed two standard deviations above and below the cryptocurrency's 20-day Simple Moving Average (SMA). "Upward breakouts occur 77% of the time, and breakouts happen roughly 61% of the distance from the base to the cradle," Chartered Market Technician Charles Kirkpatrick wrote in his book on technical analysis. A potential downside break of the triangular consolidation would negate the bull case and may invite stronger selling pressure. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
