Globally, yellow metal prices were underpinned by a subdued dollar, with investors looking ahead to US non-farm payrolls data
Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices edged higher in India on Tuesday, on the back of positive global cues. On Multi Commodity Exchange, gold October futures were trading Rs 125 or 0.27 per cent up at Rs 47,289 per 10 gram, as against the previous close of Rs 47,164. Silver December futures were ruling at Rs 63,836 per kg, up Rs 250 or 0.4 per cent. In the previous session, silver futures ended at Rs 63,587. Globally, yellow metal prices were underpinned by a subdued dollar, with investors looking ahead to US non-farm payrolls data, which could be key to the Federal Reserve’s tapering decision, according to Reuters. Spot gold rose 0.1 per cent to $1,812.27 per ounce, and US gold futures were up 0.2 per cent at $1,816.00.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices are comfortable trading above $1800 despite US Fed changing the demeanor to a more dovish stance concerning the onset to taper their monthly $120 billion asset purchases. Money managers have increased their net long positions (up 28% from last week) and are waiting for the August jobs report this Friday. We see the potential for higher prices as it appears sentiment among speculative investors is shifting. 46800 continues to be strong support and we don’t see any reversal on the daily chart yet so we could go with the trend which is bullish. So a buy on dips strategy is recommended and we may see gold prices either breaking $1825 on Friday or back to its range of $1785-$1810 depending on the jobs report number. Profit booking before the event is unlikely and so bias should be on the long side in gold for traders.
NS Ramaswamy, Head of Commodities, Ventura Securities
MCX GOLD prices have been struggling to cross the 100 EMA level on a daily chart on closing basis from past few trading sessions which is placed near 47,550 level. For intraday, key support is seen at 47,100 level on hourly closing basis. Breaking below this level, we may see prices heading lower towards 46,800 level. On the upside, key resistance is seen at 47,500 level on hourly closing basis. Breaking above this level, we may see prices heading towards 48,000 level.
On the Comex front, prices are holding strongly above the $1800/ounce mark. Key resistance for COMEX GOLD is seen at $1840/ounce mark, breaking above which prices may head for the next leg of the upside move which may extend up to $1900/ounce.
MCX SILVER DEC prices have been struggling to cross the 20-day moving average on the daily chart which is seen near 64,200 mark. For intraday, key support is seen at 63,300 mark and key resistance is seen at 64,200 mark on hourly closing basis. Breaking on either side we may see the next leg of the move for intraday.
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
COMEX gold is trading sideways to positive near to its resistance zone of $1820-1825 either side move can only be seen above $1830 and below $1790. MCX gold is also trading in range where 47500-47600 is its important supply zone and crucial support can be seen at 47000.
Sandeep Matta, Founder, TRADEIT Investment Advisor
Gold prices witnessed routine correction after the breakout on Friday and trying to consolidate above its 100-DEMA level. The precious metal after fed dovish commentary on tapering related times lines has entered into its strong resistance zone of the past few months which is established at $1835/oz and more traction can be expected once it crosses and sustains above these levels. Gold on MCX also traded with negative biases throughout the day, however maintaining the Rs 47000 level. The outlook is positive on the back of dollar and yield weakening while we recommend investors to buy gold and add more on every dip.
Key level for GOLD AUG Contract – 47268
Buy Zone Above – 47275 for the target of 47390-47500
Sell Zone Below – 47250 for the target of 47090-46950
(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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