On DXY, Mohammed Imran, Research Analyst at Sharekhan said that the dollar index was drifting towards the resistance of 103 while the 10-year UST yields were hovering near 4.18%, their highest since November 2022, and may further see spot gold prices pushing towards support of $1,900. "Without major economic data, we expect gold prices to hold a range-bound trading session for the day. Support is at $1,900/$1,890 while resistance is at $1,930/$1,950," Imran said.
On the technical placement of the yellow metal, Neha Qureshi, Senior Technical & Derivative Analyst at Anand Rathi Commodities & Currencies said that gold on the 4-hour timeframe showed a descending triangle pattern and if it breaks below Rs 59,266, it could further drop to Rs 58,850.
He sees support in October Gold futures at Rs 59,300-59,000 while resistance at Rs 59,700-59,900. As for September Silver futures, support is seen at Rs 71,000-70,400 and resistance at Rs 72,000-72,500.