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Gold Price Today Below Rs 47,000, Falls Rs 9,000 from Record High. Should you Buy?

Gold Price continued to remain under Rs 47,000-mark

Gold Price continued to remain under Rs 47,000-mark

Gold Price Today: We expect gold prices to consolidate in the range of Rs 46,800 - 47,300 levels in the short-term, said analyst

Gold Price Today: Gold prices in India edged lower on Tuesday, following the global trend. Yellow metal continued to remain below Rs 47,000-mark on June 29. On the Multi-Commodity Exchange (MCX), gold futures drooped 0.16% to Rs 46,935 for 10 grams at 1145 hours IST on Tuesday. Silver prices also slumped on June 28. July silver futures were down by 0.31 per cent at Rs 69,020 a kilogram.

In the international market, gold prices inched lower amid concerns that the US Federal Reserve will tighten its monetary policy sooner than expected. Spot gold was down 0.2% at $1,775.42 per ounce, as of 0100 GMT. US gold futures fell 0.2% to $1,776.40, according to Reuters. The dollar index strengthened 0.1% against rivals. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.3% to 1,045.78 tonnes on Monday from 1,042.87 tonnes on Friday.

“Gold prices opened slightly higher on Monday and consolidated during most of the session in the range of Rs 46,900-47,100 levels. Prices traded in a tight range in the last few sessions as investors remained on the sidelines given the US Federal Reserve’s mixed signals on policy tightening. Therefore, we expect gold prices to consolidate in the range of Rs 46,800 - 47,300 levels in the short-term," said ICICI Securities in a report.

“Technically, August gold futures bears have the overall near-term technical advantage. A five-week-old price downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily 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 $1,750.00. First resistance is seen at last week’s high of $1,795.60 and then at $1,800.00. First support is seen at today’s low of $1,770.40 and then at the June low of $1,761.20," said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

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Gold and Silver both are consolidating and trading in a narrow range since the last 6 trading sessions, And trading at oversold zone. The momentum indicators are turning up and making bottom in daily chart, So traders are advise to create long position in Gold - Silver near support levels and traders should also focus important technical levels given below for the day: August gold closing price Rs 47,008, Support 1 - Rs 46,800, Support 2 - Rs 46,500, Resistance 1 - Rs 47,150, Resistance 2 - Rs 47,450. July silver closing price Rs 68,141, Support 1 - Rs 67,700, Support 2 - Rs 67,300, Resistance 1 - Rs 68,500, Resistance 2 - Rs 69,000.

“The lackluster performance of gold over the past few trading sessions continues as the prices hovering around $1775 levels and closing just above unchanged. While yellow metal is completely missing the bull action the formation of bearish pennant pattern on daily chart is giving bears a near term technical advantage. $1750 an ounce is appearing as the key support levels for the gold," said Sandeep Matta, founder, TRADEIT Investment Advisor.

“Gold on MCX is also range bound and even the skilled traders are finding it difficult to trade. We recommend to strictly trade as per the range and continue to focus on capturing the small profits in the counter. Key level for gold August Contract – Rs 46,997. Buy Zone Above – Rs 46,995 for the target of Rs 47,129-47,268. Sell Zone Below – Rs 46,991 for the target of Rs 46,876-46,744," said Matta.

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first published:June 29, 2021, 11:59 IST