Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Wednesday, even as yellow metal traded flat in global markets. On Multi Commodity Exchange, gold August futures traded Rs 86 or 0.18 percent up at Rs 47,975 per 10 gram, as against the last close of Rs 47,889. MCX gold reclaimed Rs 48,000 soon after opening. MCX Silver September futures were flat at Rs 69,087. In the previous session, silver futures settled at Rs 69,081 per kg. Globally, gold prices were subdued, weighed down by a firm dollar after data showed US consumer prices last month rose by the most in 13 years, with a focus now shifting to Federal Reserve Chair Jerome Powell’s testimony before Congress, according to Reuters. Spot gold was flat at $1,806.07 per ounce, while US gold futures were 0.2 percent down at $1,807.20 per ounce.
Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services
The shoot-up in US inflation data was a surprise to the market and pushed the dollar higher. But now, the focus is on Fed Chair Jerome Powell’s two-day testimony. We expect Powell to reiterate a dovish stance, but the gold traders will refrain from placing new bets before it. MCX Gold prices hit a high of 48071 levels yesterday, but prices retraced to close at 47889 levels. An intraday break above 48100 will open targets of 48299/48375 groups for the counter. Areas around 47700 are supported on dips for the day. Weakness below this level will see prices slip towards 47560/47500 levels again. However, until prices are trading above 46900, every dip is a buying opportunity for the long term with a target of 48500-49000.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices saw sharp movement after US CPI rose 0.9% in June. Gold prices still are struggling despite hotter than expected inflation data as in the short-term, rising inflation could force the Federal Reserve to tighten interest rates sooner than expected. So we are expecting limited upside despite inflation running higher and not looking transitory. In MCX, support for gold comes at 47500 and resistance at 48300. Buy on dips is recommended with a stop loss of 47500.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades little changed near $1812/oz after a 0.2% gain yesterday. Gold is choppy as Fed’s monetary tightening expectations are countered by an increased safe-haven appeal for the metal. Support from rising virus cases and choppy equities are countered by weaker ETF interest and slack consumer buying. Gold may remain near $1800/oz amid mixed factors; however, firmness in the US dollar may continue to weigh.
Amit Khare, AVP- Research Commodities, Ganganagar Commodities
Gold and Silver show some profit booking in the daily technical chart, Momentum indicator RSI also indicating the same in the daily chart. So traders are advised to create a short position in Bullion’s near given resistance levels; traders should also focus on critical technical groups given below for the day.
August Gold Support 1 – 47650, Support 2 – 47500, Resistance 1 – 48100, Resistance 2 – 48300
September Silver Support 1 – 68600, Support 2 – 68000, Resistance 1 – 69500, Resistance 2 – 70100
Sandeep Matta, Founder, TradeIT Investment Advisor
Amidst higher-than-expected US CPI data, gold prices hold bullish sentiments and manage to trade above $1800 an ounce level. Rising prices in the current scenario is a double-edged sword; it can support gold prices as the inflation hedge with a caveat which could force Fed to tighten the interest rates sooner than expected. Gold on MCX is also trading in a tight range where skilled traders make money on both sides. Sideways consolidation is likely to continue until it sustains above 48000 levels.
The critical level for GOLD AUG Contract – 47892
Buy Zone Above – 47707 for the target of 48068-48248
Sell Zone Below – 47875 for the target of 47760-47650
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