Gold Prices Needs to Break $1827 for Next upside Level, US President Joe Biden’s stimulus package heads towards House vote, Gold’s comeback from multi-month lows gathers momentum into the 3rd straight session this Tuesday 23, 2021. Gold is building on Monday’s 1.5% surge, as rising worldwide inflation expectations bode well for the inflation-hedge.
Gold Price forecast: Resistances and supports level
The retreat in the US Treasury yields and rising import demand from India have also helped the metal reach weekly tops. Although gold’s further upside hinges on the Fed Chair Jerome Powell’s testimonies due on Tuesday and Wednesday.
The Technical Confluences Indicator shows that gold is eyeing $1827 resistance key level, as it extends its recovery. That level is the confluence of the SMA21 one-day, pivot point one-day and pivot point one-week.
Gold Silver Reports
A sustained move above the latter could expose the previous week high of $1830. The next relevant barrier is aligned at $1844, the Fibonacci 23.6% one-month.
On the flipside, the immediate cushion is seen at $1800, the intersection of the previous month low, SMA50 four-hour and Fibonacci 61.8% one-week.
The next relevant support awaits at $1780, the confluence of the SMA20015-mins, SMA50 one-hour and pivot point one-day.
Further south, the convergence of the Fibonacci 23.6% one-week and pivot point one-month at $1764 could likely challenge the bearish commitments.
You will have to spend an amount of Rs 705 per 10 grams for buying silver ornaments or jewellery on Tuesday as the prices of the metal witnessed an increase of Rs 13 compared to the rates on the previous day.
What is the price of gold worth today?
gold and silver prices on Tuesday, February 23, witnessed a marginal hike as the cost of one gram of 22-carat gold stood at Rs 4,547, after an increase of Re 1. Similarly, the price of 10 grams of 22-carat-gold stood at Rs 45,470 after witnessing a hike of Rs 10. According to Good Returns, the rate of 24-carat gold also surged following the market trend as for 10 grams, the price is Rs 46,470, riding by Rs 10. However, there is always a difference of Rs 1,000 in the prices of 24-carat gold and 22-carat metal.
Depending on the national trend, the rate of metal also changes in different cities of the country. Here is the list of prices in various cities for your reference:
Delhi: In the national capital, the price of 22-carat gold stood at Rs 45,410 per 10 grams. Whereas for buying 10 grams of 24-carat gold one will have to pay Rs 49,530.
Chennai: For 22-carat gold, you will have to pay Rs 43,950 per 10 grams while for 24-carat gold Rs 47,950.
Kolkata: The cost of 22-carat gold is Rs 45,570 in the city while it is Rs 48,320 for 24-carat gold.
Mumbai: The price of 22-carat gold in Mumbai is Rs 45,470, while you will have to pay Rs 46,470 for 24-carat gold.
International Price of Gold
In the international market, the rate of gold increased by 0.19 percent to USD 1,814.00 per ounce on Tuesday. Whereas, in the last 30 days, the performance of gold has declined by 2.24 percent which is equivalent to USD 41.50.