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Gold Price Today Rises But Still Over Rs 8,000 Down from Record High. Should You Buy?

In the international market, gold prices were inched higher on Friday

In the international market, gold prices were inched higher on Friday

Gold Price Today: Technically, the gold bears have the overall near-term technical advantage, said analyst

Gold price on Friday rose marginally tracking the international spot gold prices. On the Multi-Commodity Exchange (MCX), August gold contracts rose 0.33 per cent higher to Rs 47,194 for 10 grams at 1050 hours. Silver saw a jump on July 2. September silver futures were trading 0.32 per cent higher at Rs 69,342 a kilogram.

In the international market, gold prices edged higher on Friday. The initial claims for state unemployment benefits dropped 51,000 to a seasonally adjusted 364,000 for the week-ended June 26, the Labour Department said on Thursday. Spot gold increased 0.1% to $1,778.26 per ounce by 0305 GMT. It has fallen 0.1% so far this week. US gold futures added 0.1% to $1,778.50, according to Reuters.

“International spot gold and silver prices have started flat this Friday morning in Asian trade and will look to jobs data due tonight from the US.Technically, LBMA Gold Spot resistances are at $1785 and $1793. Supports are at $1770 and $1761 levels. LBMA Silver resistances are at $26.40 and $26.90. Supports are at $26.30 and $25.60," said Sriram Iyer, senior research analyst at Reliance Securities.

“Domestic gold and silver prices could start flat this Friday morning, tracking overseas prices. On the domestic front, MCX Gold August resistance are at Rs 47,100 and Rs 47,300. Supports are at Rs 46,900 and Rs 46,700. MCX Silver July resistance are at Rs 69,100 and Rs 70,000. Supports are at Rs 68,780 and Rs 66,100," Iyer said.

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“Technically, the gold bears have the overall near-term technical advantage. A four-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 $1,800.00. 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 $1,783.40 and then at $1,791.00. First support is seen at today’s low of $1,765.90 and then at this week’s low of $1,750.10," said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

“The silver bears have the overall near-term technical advantage. A five-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 today’s high of $26.525 and then at $26.75. Next support is seen at $26.00 and then at this week’s low of $25.58," Khare added.

“Gold and Silver are trading in oversold zones. The momentum indicator RSI also giving strong positive divergence in daily chart. So traders are advise to make long position in gold — silver near support levels, traders should also focus important technical levels given below for the day: August Gold closing price Rs 47,039, Support 1 - Rs 46,800, Support 2 - 46600, Resistance 1 - Rs 47,225, Resistance 2 - Rs 47,450. September silver closing price 69,120, Support 1 - Rs 68,500, Support 2 - Rs 68,000, Resistance 1 - Rs 69,700, Resistance 2 - Rs 70,200." he added.

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first published:July 02, 2021, 11:05 IST