On the daily chart, the MCX Gold December contract is forming a higher high and higher low pattern indicating bullishness with the price currently trading above its 21 & 50 Days EMA, Neha Qureshi, Senior Technical & Derivative Analyst, Anand Rathi Commodities & Currencies said.
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On Comex, gold futures were trading at $2,001.30 per troy ounce on Tuesday, down by $4.30 or 0.21% while Silver futures were at $23.305, higher by $0.091 or 0.39%.
MCX December gold futures were trading flat at Rs 60,955 per 10 gram, up by Rs 3. They are at five month high levels. Meanwhile, the December Silver futures were trading at Rs 71,732 per kg, higher by Rs 152 or 0.21%.
"The US economy is far from slowing down as Housing stats rose 3.9%, industrial production grew by 1% and Manufacturing production advanced by 0.5% during the month of July. The dollar index rallied to two month high of 103.59 on Thursday as it becomes evident from the recent data that the Fed will continue to go with higher for longer interest rates which will further fuel a rally in the dollar index to test resistance of 104 in coming sessions," Mohammed Imran, Research Analyst at Sharekhan said.