Spot Gold Price Technical Analysis: Boosted by a weaker dollar and growing inflationary pressures, gold prices rose to a near five-month high on Tuesday. The spot gold was up 0.2 per cent at $1,911.45 per ounce by 0255 GMT, after hitting its highest since Jan. 8 at $1,914.26 earlier in the session.
On the international front, U.S. gold futures rose 0.5 per cent to $1,914.20 per ounce. Talking about the same, Margaret Yang, a strategist at DailyFX said, “Gold prices are riding a very strong upward trend … this is against the backdrop of a falling U.S. dollar and also inflation concerns.”
“Perhaps another fundamental factor behind gold is the return of Chinese and Indian buyers. In the near-term, if gold can breach the $1,922 per ounce mark, it can open the room for further upside potential,” she added.
As per the reports by Reuters, the dollar index was down 0.3 per cent against its rivals, making gold less expensive for other currency holders. Similarly, silver gained 0.6 per cent to $28.22 per ounce, after hitting a two-week high earlier in the session.
Gold and Silver prices in India
|CITY||GOLD PRICES (per 10 gram, 22Ct)||SILVER PRICES (per kg)|
|New Delhi||Rs 46,880||Rs 71,200|
|Mumbai||Rs 46,710||Rs 71,200|
|Kolkata||Rs 48,290||Rs 71,200|
|Chennai||Rs 46,290||Rs 76,800|
|Hyderabad||Rs 45,910||Rs 76,800|
Spot Gold Price Technical Analysis And Report
Technically, gold rates extended higher within an “AscendingChannel” after completing a “DoubleBottom” chartpattern. Prices breached above a key resistance key level at $1875 (the 50% Fibonacci retracement) and have likely opened the door for further upside potential with an eye on $1922 (the 61.8% Fibonacci retracement). Gold stretched above the seiling, showing signs of being temporarily over_bought. Therefore, a technical pullback ispossible if gold fails to breach above $ 1,922.
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