Golden Opportunity to Buy Gold Silver: According to commodity market experts, overalltrend for gold price is bullish as soaring crude oil prices have put global inflation concern at alarminglevel forcing Bank of England to increase interest rate by 25 bps. Similarly, European CentralBank and US Federal Reserve are hawkish on interest ratehike but recent appreciation in Euro and Pound against the US Dollar (USD) is going to support gold price rally further.
They said that US is putting pressure on the OPEC countries to increase oil drilling but OPEC countries may not comply with the US government’s demand as their drilling cost has gone too high that rise in crude oil would help them pare the losses incurred due to lower oil prices and rise in their drilling cost.
Comex Gold Outlook
Comex Gold: After hitting $1,853 per ounce levels in spot market last week, gold price witnessed retracement after the profit-booking trigger, but after the announcement of 25 bps interest rate hike by the Bank of England and crude oil prices surpassing $90 per barrel, the yellow metal price has rebounded and closed at $1807.80 per ounce in spot market on Friday (04 Feb, 2022). MCX gold rate also appreciated ₹31 per 10 gm and closed at ₹47,925 levels.
Gold Price is Positive
gold price is bullish and any dip in yellow metal price should be seen as buying opportunity. Spot gold price has been able to hold above $1780 per ounce for last one month that signals that immediate support for spot gold price is a strong support for the yellow metal. It is now having strong resistance at $1855 levels.
So, gold price in the international market is trading inthe range of $1780 to $1855 per ounce levels these days and once it sustains above $1877 levels, it may soon go up to $1900 to $1912 levels. So, those who have shortterm vision can book profit at around $1855 levels whereas those who have a medium to longterm view should wait for next breakout at $1877 levels, which is expected by end of one month.”
Buy Gold Silver
Yellow metal price is expected to bounce back as soaring crude oil prices are expected to fuel global inflation further at alarming levels. As crude oil prices have surpassed $90 per barrel levels, various central banks including US Fed increasing interest rate might not work and hence gold price may further scale northward. MCX gold rates have strong support at ₹46,900 per 10 gm levels whereas it has immediate support at ₹47,550 per 10 gm. One can buy MCX gold at between ₹47,750— ₹47950 levels for immediate target of ₹48,480 to ₹48,950 per 10 gm levels. Once gold price breaks this hurdle at MCX (Multi Commodity Exchange of India Ltd), it may go up to ₹49,220 to ₹49,420 per 10 gm in next 20 days to one month.”
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