Gold Price Today: The yellow metal is trading flat on a strong US dollar; support at 46200, say experts
December’s India Gold MCX futures were trading flat to low on Friday, following the moderate trend seen in international spot prices, which traded lower as the dollar rebounded and made the metal expensive for holders of other currencies.
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The dollar recouped most of those losses on Friday and began the final quarter of 2021 near its highest of the year, according to a Reuters report.
On the Multi-Commodity Exchange (MCX), December gold contracts were trading down 0.11% at Rs 46,470 for 10 grams at 9:30 am December silver futures were trading down. were trading down 0.19% to Rs 59,502 per kilogram.
International gold and silver prices rebounded on Thursday with good corrective rebounds after the yellow metal hit a six-week low and silver hit a 14-month low on Tuesday.
Short-term hedging by short-term traders was seen on Thursday, along with a hunt for bargains after the recent drop, experts said.
âCOMEX gold is trading slightly lower to close to $ 1,755 an ounce after a sharp 2% gain on Thursday. Gold remains under pressure from the strengthening US dollar, Fed monetary tightening expectations and weaker investor interest, âsaid Ravindra Rao, CMT, EPAT, vice president of commodities research at Kotak Securities.
“However, support prices are concerns about global growth amid mixed economic data, rising inflation concerns amid higher inflationary pressure and growing concerns about the Chinese economy,” a- he declared.
Rao added that the weakness in stocks has also increased the attractiveness of gold as an alternative asset. Gold has rebounded from lows, but a sustained rise is difficult with the US dollar still clinging to its gain.
Technical indicators –
Expert: Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited
We have seen a strong short rally in gold and silver which may continue over the next 2-3 trading sessions. Both metals are trading in the oversold zone in the last 4 to 5 trading sessions.
Traders are advised to create new long gold and silver positions in small dips near the given support, traders should focus on the important technical levels shown below for the day:
Gold closing price in December 46521, support 1 – 46200, support 2 – 45950, resistance 1 – 46800, resistance 2 – 47100.
December silver closing price 59617, support 1 – 59100, support 2 – 58700, resistance 1 – 60100, resistance 2 – 60600.
Expert: Dr Ravi Singh, Vice President and Head of Research at ShareIndia
Gold closed on a positive note, showing some rally of relief due to short hedging or profit reservation. However, the expectation of a tightening of stimulus measures by the US Fed will keep a check on new purchases.
Buy the area above – 46600 for the 47100 goal
Sell ââthe area below – 46,200 with the target of 45,800.
(Disclaimer: The views / suggestions / advice expressed here in this article are solely by investment experts. Zee Business suggests that its readers consult their investment advisers before making a financial decision.)