While the MCX April gold futures were trading at 62,900 per 10 grams at 10:30 am, down Rs 65, the March Silver contracts were down Rs 53 or 0.07% at Rs 72,165 per kg.
On the daily chart, MCX April Gold futures have given a breakout of its descending channel forming higher high and higher low while the MACD has given a positive crossover indicating bullish sentiments. Moreover, the 21-day EMA 21 and the 50-day EMA suggest a bullish outlook and RSI is forming a higher high and higher low pattern which adds to her bearish outlook.
Gold continued to trade in a tight range on Wednesday ahead of the Federal Open Market Committee (FOMC) meeting outcome scheduled later today. The bias was negative amid gains in the dollar index (DXY).
Taking cues from the price movement in the international markets, February MCX gold futures were trading at Rs 62,285 per 10 grams around 10 am and were up Rs 179 or 0.29% while the March Silver futures were trading higher by Rs 178 or 0.25% at 71,951 per kg.
Strong economic data in the US seemed to have spoiled the party for Gold in back-to-back sessions as the yellow metal traded in the red on Thursday despite a minor uptick in the dollar index (DXY).