gold price today: Gold prices saw a decline in early trade on Wednesday due to rise in dollar index. International markets reflected the trend, according to ET mcx february gold Futures are showing weak performance. The situation has prompted discussion on whether this is the right time to sell bullion.
current market scenario
In the trading session, gold futures on MCX traded around Rs 62,000 per 10 grams, indicating a slight negative bias. Meanwhile, March silver futures were trading Rs 228, or 0.32% lower, at Rs 71,865 per kg. comex gold The futures price on Wednesday was recorded at $2,027.30 per troy ounce, a decline of $2.90 or 0.14%. Silver futures on the same platform were down $0.133, or 0.580%, at $22.960.
dollar index effect
The dollar index (DXY) saw a slight rise, trading at 103.43 against a basket of six major currencies, indicating a gain of 0.07%. The index gained 1.05% in the last five trading sessions. This rise in the dollar index was identified as a contributing factor to the decline in gold prices.

expert analysis
Neha Qureshi, senior technical and derivatives analyst at Anand Rathi Commodities & Currency, was quoted by ET as saying that gold remained steady after falling 1.4%, influenced by US Fed Governor Waller’s suggestion of lower rate cuts. The rise in the dollar and treasury yields weighed on gold, leading to a decline in investor interest.

technical indicators
Qureshi highlighted this on the daily chart, mcx february Gold futures displayed bearish signs, breaking out of their ascending channel and forming lower highs and lower lows. Additionally, MACD’s negative crossover and 21-day EMA moving below 50-day EMA contribute to the bearish outlook.

market Outlook
Qureshi identified resistance levels at Rs 62,500 – Rs 63,000 and support levels at Rs 61,530 – Rs 61,000.
Despite Tuesday’s decline, Anuj Gupta, Head Commodity and Currency, HDFC Securitiesnoted that gold had reduced its losses by 1.88% or Rs 1,188 per 10 grams in 2024. Silver futures also narrowed losses by 4.13% or Rs 3,076 to 3.14% or Rs 2,337 per kg in the last four sessions.
intraday trading strategies
Neha Qureshi suggested selling mcx February gold futures at Rs 62,000, with stop loss at Rs 62,500 and target of Rs 61,300.
Anuj Gupta proposed to sell February gold futures on MCX at Rs 62,020 with a stop loss of Rs 62,180 and a target price of Rs 61,850. Additionally, he recommended selling mcx march silver Futures at Rs 71,925 with stop loss of Rs 72,300 and target price of Rs 71,480.