Gold Price Today Down Rs 8,000 from Record Highs. Should you Invest?

Gold Price Today: Gold was trading flat in India on Wednesday. On the Multi-Commodity Exchange (MCX) gold futures climbed 0.18 per cent at Rs 47,097 for 10 grams at 1145 hours IST on June 21. Silver saw a marginal jump on June 23. July silver futures were up by 0.28 per cent at Rs 67,747 a kilogram.

In the international market, gold prices increased on Wednesday after US Federal Reserve chair Jerome Powell pledged to keep interest rates near zero for some time. Spot gold was up 0.2% at $1,781.18 per ounce as of 0420 GMT. US gold futures gained 0.2% at $1,781.30 per ounce. The dollar index rose 0.1% in the session against its rivals.

Gold Price Today Down Rs 8,000 from Record Highs.

“Federal Reserve Chair Jerome Powell reaffirmed the US central bank’s intent to encourage a broad and inclusive recovery of the job market, and not to raise interest rates too quickly based only on the fear of coming inflation. Markets were little changed over the course of the hearing and also settled lower despite a dovish Fed chair,” said Sriram Iyer, senior research analyst at Reliance Securities.

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“International spot gold and silver prices have started flat this Wednesday morning in Asian trade as the Fed Chairman Powell testimony became a non-event and markets will look to data over the next few days.Markets have already factored in a dovish outlook by the Fed Chairman and were looking for something new which did not come,” he added

“Technically, LBMA Gold Spot has bounced back from support zone $1760-$1770 levels and trading on a positive note near $1780 levels. However, it holds a resistance near $1790-1808 level. LBMA Silver has bounced back from its 200-Daily Moving Average which is placed at $25.70 levels where further could see $26.30-$27.50 levels. Support is at $25.50-$24.90 levels,” Iyer said.

“Domestic gold and silver prices could start flat on Wednesday morning, tracking overseas prices. On the domestic front, MCX gold August is holding a support near 100-DMA which is placed at Rs 46,900 levels above which could see an upside move Rs 47,200-47,350 levels. MCX Silver July holds a support near Rs 67,000-65,900 levels. Resistance is at Rs 68,700-69,800 levels,” he further mentioned.

“Technically, August gold futures bears have the overall near-term technical advantage. A three-week-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,826.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at today’s high of $1,790.10 and then at $1,800.00. First support is seen at last week’s low of $1,761.20 and then at $1,750.00,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

“July silver futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at this week’s high of $26.135 and then at $26.555. Next support is seen at this week’s low of $25.58 and then at $25.00,” he added.

“Gold and silver are showing recovery on daily and looking for short covering. Momentum indicator RSI is also giving some positive clues. So traders are advise to go for long in Gold – Silver and traders should also focus important technical levels given below for the day: August gold closing price Rs 47,011, Support 1 – Rs 46,750, Support 2 – Rs 46,500, Resistance 1 – Rs 47,250, Resistance 2 – Rs 47,500. July Silver closing price Rs 67,515, Support 1 – Rs 67,000, Support 2 – Rs 66,500, Resistance 1 – Rs 68,100, Resistance 2 – Rs 68,720,” he added.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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