Gold Price Today, 12 Aug 2021: Gold to consolidate in 45,700-46,700 range; accumulate gold in small quantity

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August 12, 2021 10:11 AM

Gold Rate Today, Gold Price in India on 12 August 2021: Gold prices were trading lower in India on Thursday, as global rates remained steady.

Gold Rate Today, Gold Price Today in IndiaGold will witness knee jerk reaction and traders are advised not to carry any position overnight but focus on intraday trade

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading lower in India on Thursday, as global rates remained steady. On Multi Commodity Exchange, gold October futures were trading Rs 42 down at Rs 46,346 per 10 gram, as against the last close of Rs 46,388. Silver September futures were ruling at Rs 62,577 per kg, down Rs 194. In the previous session, silver futures shut shop at Rs 62,771 per kg. Globally, yellow metal held on to overnight gains on Thursday, after data showing US consumer price increases slowed in July soothed concerns of an early tapering of economic support. Spot gold was little changed at $1,750.34 per ounce, having recorded its biggest one-day percentage gain since May 6 on Wednesday, according to Reuters. US gold futures were flat at $1,753.40.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold sentiment has shifted from glass half empty to half full. Last week extremely robust jobs reports shifted sentiment to glass half empty and now CPI data have shifted back to glass half full. Federal Reserve members are split as to the best time to begin tapering their asset purchases which is also bullish for Gold. Gold is still not out of the woods. It needs to breach $1760 and ultimately $1800 before we can say we are bullish in gold. Gold is not expected to rally significantly as it has lost its bullish pillar i.e. soaring inflation and falling US Yields. Now inflation is starting to soften and US Yields are rebounding. Investors are piling in risky assets like equity and cryptocurrencies and the only thing that could save gold from falling more is an eventual equity selloff, less risk appetite and the urge to liquidate the long equity positions. We have shifted from extremely bearish to cautiously bullish in Gold but it’s not an easy ride for gold to cross $1800 in the present scenario. Some more short covering can be seen till Rs 46800 in MCX and so investors can accumulate small qty in gold with target of 46800 and stoploss of 45800.

NS Ramaswamy, Head of Commodities, Ventura Securities

Technically, MCX Gold Oct prices are likely to trade in a sideways movement for intraday. On the upside, the downside opening gap (46,500 to 46,700) will act as a strong resistance zone for the short-term period. On the other hand, Momentum indicator RSI moved up from oversold (25) to neutral zone (35) which suggests that MCX Gold price will be going to consolidate in the range of 46,700 to 45,700 for the next few trading sessions and the next leg of movement will resume only after breaking these resistance/support levels. On the Comex front, the Gold price will be going to consolidate in the range of $1720/ounce to $1760/ounce

MCX Silver price is taking strong support at the horizontal trend line which comes around (62,300) on a daily closing basis. Going forward, we may see a relief rally in the silver price from here or likely to consolidate in the range of 62300 to 64,500 levels for the next few trading sessions. However, more weakness can be expected in the Silver price, if it closed below key support levels of 62,300.

Hareesh V, Research Head Commodities, Geojit Financial Services

A strong US dollar and firm global equities continue to hit the safe-haven demand and thus the price of gold. Investors are also worried that the US Federal Reserve may taper its fiscal stimulus measures due to optimistic economic releases. Meanwhile, concerns over the spread of the Delta variant of the Covid 19 virus continue to offer lower-level support to prices. As long as prices stay below $1765, we can expect weak momentum to continue in the counter. It is required to turn above $1835 to negate the bearish outlook and take prices higher.

(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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