Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Tuesday, even as rates in global markets were firm. On Multi Commodity Exchange, gold October futures were trading Rs 33 down at Rs 47,392 per 10 gram, as against the previous close of Rs 47425. Silver December futures were ruling at Rs 65,175 per kg, down Rs 117 or 0.18 per cent. In the previous session, silver futures closed at Rs 65,292. Globally, yellow metal prices firmed on the back of a softer dollar and prospects of the US Federal Reserve delaying a tapering in its pandemic-era bond purchases, according to Reuters. Spot gold rose 0.2 per cent to $1,826.75 per ounce, and US gold futures eased 0.3% to $1,828.00.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold and silver have started the week on higher note after US jobs data came disappointing which pushed US dollar near one month low and gold back near $1820 although it is unable to cross its resistance of $1830. The Fed has made a labour market recovery a condition for paring back its pandemic-era asset purchases and with the current data, the expectation is that start of tapering assets may begin early next year instead of December. Americans have become reluctant to return to the workforce for fear of infection and August jobs data reflects that. US economic recovery, which had been strong, has taken at least one or two steps backward. One of the concerns for the gold bulls is that despite strong fundamentals, there isn’t enough push to break the barrier of $1830. This suggests that in the near term, we may not see any sharp move on the upside but expect gold to trade in range of $1820-$1790. In MCX, gold is stuck in the range of 46700-47700. Bias is on the bullish side and any dips is a good opportunity to long gold.
NS Ramaswamy, Head of Commodities, Ventura Securities
Technically, MCX Gold October prices are looking positive for intraday. However, MCX gold price is facing a strong resistance zone at 100 day and 200-day moving average which comes around 47,700 levels. Moving forward, we expect the next leg of the rally will head towards 48,400 to 49,000 once the price sustains to close above these resistance levels. On the other hand, Momentum indicator RSI is trading above the positive zone (52) which suggests that positive momentum can be expected in the Gold price in the coming trading sessions.
On the Comex font, currently, it is facing strong resistance at $1840/ounce levels and breaking above which price will head towards $1900 to $1920/ounce levels
After a three weeks period, MCX Silver’s price is trading above the consolidation range resistance levels of 64000. The short-term trend for Silver has changed to the upside. However, we expect it to face an immediate resistance at the 50-day moving average (66,000) and breaking above which price will retest the 200-day moving average which comes to around 67,500 levels in the coming days.
Sandeep Matta, Founder — TRADEIT, Investment Advisor
Gold has been a frustrating trade as the precious metal struggles to find bullish momentum despite currency weakening and real interest rates remain well entrenched in negative territory. Prices are trading in the small tight range and consolidating around Rs 47500 level. Globally, the precious metal has some near term bullish technical advantage however facing some difficult headwinds and producing the closing above $1835/0z will be a key challenge for the market participants to pass.
Key level for GOLD AUG Contract – 47386
Buy Zone Above – 47400 for the target of 47550-47700
Sell Zone Below – 47375 for the target of 47200-47040
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