Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India had been trading flat with a damaging bias on Tuesday, following international prices as a retreat in US Treasury yields countered a slight rebound in the dollar. On MCX, gold June futures had been trading Rs 24 down at Rs 47,927 per 10 gram, as against the earlier close of Rs 47,951. Silver July futures had been ruling at Rs 71,373 per kg, down Rs 171 or .24 per cent on Multi Commodity Exchange. In the earlier session, gold costs hit a 3-month higher as the yellow metal got help from the slumping US dollar index that hit 2.5 month low yesterday. “Hedge funds have reduced their bearish bets as gold prices are trading comfortably above $1800 but now the prices have remained steady and unable to move above its important 200 day moving average around $1872,” Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities, told TheSpuzz Online.
Physical gold demand in India dived last week as shops had been shut and men and women turned cautious due to surging coronavirus infections across the world’s second-biggest bullion customer. On the technical charts, MCX gold has resistance about Rs 48,500 and Rs 49,200 exactly where 200 day moving typical is. “Momentum oscillator RSI_14 is still at 62 indicating prices are not in overbought state and there is room on the upside. The Rs 46,500 is the immediate support as prices have taken support twice in short period around that level. We believe gold will trade in range of Rs 47,000- Rs 48,500 this week,” Patel added.
Analysts mentioned that the markets had been nonetheless reverberating from the surprising US jobs report for April which saw reduce than anticipated numbers and placing cold water on the notion that US Fed might be forced to boost interest prices. Last year in August, MCX gold touched a record higher of Rs 56,191 per 10 grams.
Globally, spot gold was steady at $1,836.26 per ounce, soon after hitting its highest considering the fact that February 11, 2021, at $1,842.91 on Friday. US gold futures had been down .1 per cent at $1,836.40 per ounce. The dollar index was up .1 per cent, generating gold more highly-priced for other currency holders, according to Reuters. Benchmark US 10-year Treasury yields had been pinned beneath 1.6 per cent.
On the technical charts, costs are forming the Higher-High pattern on every day chart. “We expect the MCX Gold June prices to trade positive for intraday,” mentioned NS Ramaswamy, Head of Commodities, Ventura Securities. He added that the RSI indicator also suggests the strength in the momentum on the greater side. Any dip in the costs can be employed as a purchasing chance for intraday. On the downside, important help level is seen at Rs 47,500 level for intraday. “If gold prices manage to break above the Rs 48,150 in today’s session, prices are likely to head towards Rs 48,500,” he added.
For MCX silver, Ramaswamy mentioned that any dip in the costs can be utilised as a purchasing chance for intraday. “On the downside, the key support level is seen at Rs 70,800. Once the prices start trading above the Rs 72,000 on hourly chart, we may see prices heading towards Rs 73,000 for intraday,” he added
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