Gold Price Forecast: MCX Gold June Support 50700 and Resistance 51550, Buy on Dips

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Weakness in the dollar index along with a fall in U.S. Treasury yields from their recent highs has provided a supportive environment for gold.

The greenback hit a one-month low of 101.74, while US 10-year Treasury yields also edged lower as weakness in equities revived safe-haven demand for the debt. Once the Fed delivers half-of-a-percentage point rate hikes (in June and July) as Chair Jerome Powell has signaled, a pause in September might make sense. For intraday, after five sessions of an upbeat momentum, gold may experience a pull back. MCX Gold August may decline to Rs 51,100 per 10 gram.

Gold prices traded firm with spot gold prices at COMEX held steady trading near $1858 per ounce on Wednesday morning trade. MCX Gold June futures opened near Rs. 50980 per 10 gram in line with mixed global cues. The dollar index was trading marginal up which capped upside in the yellow metal. The US 10 year treasury yields were 0.31% up near 2.76%. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1837 per ounce and resistance at $1880 per ounce. MCX Gold June support lies at Rs. 50700 and resistance at Rs. 51550 per 10 gram.

Even though in the short term we may see gold prices remain above $1810 but there are headwinds in the form of rising rates from the Fed next meeting. Technically, a breakout above $1865 could trigger a move towards $1885 and $1900. Sustained weakness under $1837 is seen opening the doors towards $1815 and $1800. In MCX prices are expected to remain steady and buy on dips should be the strategy today.

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Gold Price Forecast: MCX Gold June Support 50700 and Resistance 51550, Buy on Dips via @goldsilverrepor
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