Gold Price Today, 21 Oct 2021: MCX Gold may move towards Rs 47750; check support, resistance levels

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October 21, 2021 10:13 AM

Gold Rate Today, Gold Price in India on 21 October 2021: Gold prices were trading higher in India on Thursday, mirroring the positive global trends.

Gold Rate Today, Gold Price Today in IndiaGold has good support at $1750 and the short term bottom has been placed. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Thursday, mirroring the positive global trends. On Multi Commodity Exchange, gold December futures were ruling at Rs 47,554 per 10 gram, up Rs 55, while silver December futures were trading Rs 118 or 0.18 per cent up at Rs 65,725 per kg. Globally, yellow metal prices inched up, extending gains into a third session on a softer dollar. Spot gold rose 0.2 per cent to $1,784.96 per ounce. US gold futures were little changed at $1,784.60.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold prices traded sideways yesterday as global stocks were mostly higher overnight. One of the reasons for gold’s underperformance compared to silver was the rise in Bitcoin which traded well above $64000, hitting a record high. EUROZONE CPI reported 0.5% and we may see the long side of the commodities market going forward because of supply bottlenecks. Gold will be beneficial for this inflationary pressure and we don’t believe the inflation is transitory as believed by Central Banks. Gold has good support at $1750 and the short-term bottom has been placed. We believe the medium-term bottom will be in place once the Fed starts its program of asset tapering. Today we recommend long in Gold with stop loss of 47200 and an expected target of 47750.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold prices traded higher on Thursday with COMEX Spot gold prices were trading 0.39% up near $1789 per ounce in the morning trade. Gold prices extended gains supported by a weaker dollar despite a rise in US bond yields. Gold prices traded higher on inflation worries and renewed concerns from China’s Evergrande debt crisis. We expect gold prices to trade up for the day with COMEX Spot gold support at $1770 and resistance at $1800 per ounce. MCX Gold December support lies at Rs. 47200 and resistance at Rs. 47800 per 10 gram.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

The ongoing inflation, driven by high energy prices and supply constraints worldwide, raised concerns that rate hikes could come sooner than expected, a painful prospect for gold. But recent data which showed weaker Industrial production and lower than expected home sales in the US raise doubts for early rate hikes, have improved sentiments for bullion. Investors might keenly watch weekly Jobless data due today and a speech from Fed Chair Jerome Powell, ahead of the central bank’s meeting next month. MCX Gold December futures might rise to Rs.47,700 per 10 gram for the day.

Ravi Singh, VP – Head of Research, Share India Securities

Gold MCX looks stronger day by day on charts. As the Indian festive season and marriage season started, we may see stable buying in gold and silver. Fed Governor Christopher Waller quoted that if inflation keeps rising at its current pace in the next few months, Fed policymakers may need to adopt “a more aggressive policy response” next year. We advise traders to create fresh long positions in gold and silver on dips.

Buy Zone – 47400 for the target of 47650
Sell Zone Below – 47200 for the target of 47000

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades marginally higher near $1788/oz after a 0.8% gain yesterday. Gold is supported by weaker US dollar, rising inflation concerns, disappointing economic data from US and China and concerns about China’s property market. However, weighing on price is lack of investor buying and higher bond yields which reflect increased expectations that the Fed may start monetary tightening soon. Gold has edged up after a brief consolidation near $1770/oz level however price is yet to break past the recent high of near $1800/oz. The general bias may be on the upside amid increasing challenges for the global economy.

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Yesterday, we saw some safe-haven buying in bullion at lower levels, especially in silver. Overall, the technical charts of gold and silver are strong. The momentum indicator RSI is also indicating the same. So, traders are advised to make fresh long positions in gold and silver in small dips near given support levels, traders should focus on important technical levels given below for the day-

December Gold Support: Rs 47300-47000, Resistance: Rs 47675-47900
December Silver Support: Rs 65200- 64800, Resistance: Rs 66000-66600

(The views in this story are expressed by the respective experts of the 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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