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M.R. Subramani

Chennai, Oct. 14 Gold futures in the domestic multi-commodity exchanges faces resistance at Rs 9,600 per 10 grams, while any fall in crude price could impart weakness to the yellow metal too.

In a weekly outlook on precious metals, Kotak Commodity Services Ltd said gold on MCX has not been able to close above Rs 9,600 and technical charts were showing signs of marginal correction.

“Buying at dips can be initiated at levels of Rs 9,480,” it said, adding that silver could touch Rs 19,000 a kg once it tops Rs 18,575, while a fall could take it to Rs 18,100.

“Rs 18,000 remains a strong support for the prices,” Kotak said. This week, the US housing market data could weaken the dollar in the second half of the week and, in turn, lead to rise in prices of precious metals. Kotak also said the current uptrend was losing momentum and the start of the week could witness substantial correction in the prices. “This is expected to give way to further upside in the later part of the week,” it said.

Sharekhan, in its outlook, said gold could end above $750 an ounce this week in view of commodity prices rising across the board.

More Stories on : Gold & Silver | Outlook

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