Gold Price Today, 8 September 2021: MCX Gold below Rs 46700 may trigger sell-off; check support, resistance

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September 08, 2021 10:10 AM

Gold Rate Today, Gold Price in India on 8 September 2021: If gold breaches below $1775, then next stop for gold would be $1750. We expect gold to trade sideways and will try to find footing around $1800.

Gold Rate Today, Gold Price Today in IndiaGlobally, yellow metal prices steadied after slipping 1.6 per cent in the previous session. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India gained on Wednesday, even as rates in global markets remained steady. On Multi Commodity Exchange, Gold October futures were trading Rs 72 or 0.15 per cent up at Rs 47,011 per 10 gram, as against the previous close of Rs 46,939. Silver December futures were up just Rs 29 at Rs 64650 per kg. In the previous session, silver futures closed at Rs 64621. Globally, yellow metal prices steadied after slipping 1.6 per cent in the previous session when it breached the key psychological level of $1,800, as gains in the dollar and a rise in US Treasury yields hurt bullion’s appeal. Spot gold rose 0.1% to $1,796.03 per ounce, hovering slightly above the more than one-week low of $1,791.90 hit on Tuesday. US gold futures were steady at $1,799.40.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

It was surprising that after disappointing jobs data last Friday, gold was unable to move above $1835. There was consensus that gold is vulnerable at the top as the trigger for pushing gold higher had not the effect as anticipated. Gold dropped below $1800 after strong US dollar and higher US treasury yields. Treasury yields soared higher on expectations a delayed recovery would allow the Fed to tolerate higher inflation in the short-term which will steepen the curve and would be negative for gold in short term. If gold breaches below $1775, then next stop for gold would be $1750. We expect gold to trade sideways and will try to find footing around $1800. In MCX, fresh selling can commence below 46700 and any longs should be exited below that level.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Comex Gold has witnessed selling pressure from its crucial resistance level of $1825 on the back of rising US bond yields and the dollar index and having its immediate support at $1795-1800, below this we may see the levels of $1780 as the next support level. In MCX Gold, its near-term support is at 46850 having resistance at 47200 and above that, we may see the levels of 47400.

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

COMEX gold trades marginally higher near $1800/oz after a 1.9% decline in the previous session. Gold corrected sharply from recent highs amid gains in US dollar, higher bond yields and sharp rise in Chinese equities. However, supporting price is geopolitical tensions, persisting virus risks and uneven global economic recovery and cautious stance of major central banks. Gold has come off recent highs amid dollar gains however growth worries and cautious tone of central banks may continue to support prices.

Manoj Dalmia, Director, Founder, Proficient Equities

Gold has been a no-trade zone as the precious metal hard-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 47340 level. Globally, the precious metal was some near-term bullish technical but lost its shine.

Key level for GOLD AUG Contract – 47224
Buy Zone Above – 47500 for the target of 47550-48200
Sell Zone Below – 46879 for the target of 46879-46130

(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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