Gold price today at Multi Commodity Exchange (MCX) opened with the positive gap making an intraday high of ₹47,046 per 10 gm. According to the commodity experts, there can be some fresh correction in the precious bullion metal and it may go down up to ₹46,500 to ₹45,500 levels.
Gold price today and Trend
However, those experts maintained that these dips should be seen as buying opportunity by the gold investors. They advised ‘buy on dips strategy’ till gold price is below ₹46,000 per 10 gm mark.
Predicting fresh rally after consolidation, gold experts said that gold price at MCX may go up to ₹50,000 per 10 gm by Diwali 2021 and suggested accumulation when the gold trades in the broader range of ₹46,550 to ₹45,500 per 10 gm levels.
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Speaking on the gold price outlook “Overall trend for gold is positive and any dip in the yellow metal should be seen as buying opportunity in the next few trade sessions.”
On triggers that will play major role in gold price outlook Neal Bhai said that US Dollar performance against major currencies at the Forex Market is going to play a major role adding, “Dollar is expected to remain volatile in next few trade sessions as the US economy is growing but with slow pace.
This is a concern for the US Federal Reserve Chief and for this reason; he is expected to maintain the dovish stance on key interest rates.”
“In international market, spot gold price has immediate support at $1,750 per ounce while it has strong support at $1,735. I would suggest gold investors to start accumulating when the gold price in spot market comes around $1,760 and keep on accumulating on every $10-12 dollar per ounce dip till it is above $1,735.”
Gold about the bottom range that exists in current gold price chart, the bottom range of the gold price chart will be from ₹47,700 to ₹45,500 at MCX and one should continue accumulating in this range.
Will gold prices increase in Diwali?
On gold price target in medium to long-term both experts said that overall sentiment of gold is positive and said, “The gold price sentiment for medium to long-term looks positive and it may go up to ₹51,500 per 10 gm by Diwali 2021.”
- Overall trend for gold is positive and any dip in the yellow metal should be seen as buying opportunity in the next few trade sessions, say commodity experts
(By Gold Silver Reports / Neal Bhai Reports)