**Key Takeaways:**
– MCX gold August contracts opened lower at Rs 71,657 per 10 grams, while MCX silver July contracts were down at Rs 88,856/kg.
– Gold prices stabilized after a slight increase and closed higher, remaining within a narrow range.
– Fed officials are considering a rate cut later this year if conditions align, with a focus on cooling inflation.
– Central banks are planning to increase their gold reserves due to macroeconomic and political uncertainty.
– US retail sales showed financial strain among consumers, with industrial production rising.
– Spot gold in the US markets held steady at $2,327.76 per ounce.
– An intraday trading strategy suggests buying MCX gold and silver futures with specific stop loss and price target levels.
**Gold and Silver Prices in MCX and US Markets:**
| Metal | Contract | Opening Price | Closing Price |
|———-|————–|—————|—————|
| Gold | August | Rs 71,657 | 0.4% higher |
| Silver | July | Rs 88,856 | 0.25% lower |
**Intraday Trading Strategy by Neha Qureshi:**
– Buy MCX AUGUST Gold futures at Rs 71,700 with a stop loss of Rs 71,300 and a price target of Rs 72,300
– Buy MCX JULY Silver futures at Rs 89,100 with a stop loss of Rs 88,100 and a price target of Rs 91,100
**Expert Analysis:**
Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies, suggests that MCX Gold (August) is trading with bullish sentiments and could strengthen further if the price breaks above 71,900. The 50 EMA provides strong support levels.
**US Market Update:**
The US Dollar Index was hovering near the 105.26 mark, while spot gold held at $2,327.76 per ounce. US gold futures edged lower to $2,342.00.
**Central Bank and Economic Outlook:**
Central banks are looking to increase their gold reserves due to uncertainty in macroeconomic and political conditions. US retail sales showed strain among consumers, but industrial production rose.
**FAQs:**
1. Why are central banks planning to increase their gold reserves?
Central banks are looking to increase their gold reserves due to macroeconomic and political uncertainty, despite high prices for the precious metal.
2. What impact did US retail sales have on the market?
US retail sales indicated financial strain among consumers, but industrial production rose due to increased factory output.
3. What key resistance and support levels are being monitored for MCX Gold (August)?
Key resistance levels to monitor are at 71,900 and 72,500, while support levels are at 71,200 and 70,700.
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