Gold will witness knee jerk reaction and traders are advised not to carry any position overnight but focus on intraday tradeGold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading higher in India on Friday, even as global rates remained steady as investors awaited Fed chief Jerome Powell’s speech. On Multi Commodity Exchange, gold October futures were trading Rs 161 or 0.34 per cent up at Rs 47,398 per 10 gram, as against the previous close of Rs 47,237. Silver September futures were up Rs 175 or 0.28 per cent at Rs 62,898 per kg. In the previous session, silver futures ended at Rs 62,723. Globally, Spot gold rose 0.1 per cent to $1,793.68 per ounce. US gold futures rose 0.1% to $1,796.70.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold prices are in hibernation ahead of the Jackson Hole symposium. Another reason for prices being quiet is there are less news flow, little economic data and anticipation of what Fed chairman will say about tapering in Jackson Hole. US GDP data for the second quarter came higher than the previous reading but fell short of expected number which helped gold prices claw back near $1800. We believe any break above $1815 will only come after the conclusion of the Jackson Hole symposium. Gold will witness knee-jerk reaction and traders are advised not to carry any position overnight but focus on intraday trade. Buy on dips strategy is advisable today with support coming around 46900 and resistance at 47700.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades marginally higher near $1800/oz after a 0.2% gain yesterday. Gold trades higher supported by safe haven buying amid increasing tensions relating to Afghanistan following attacks at Kabul airport. Mixed economic data from major economies and rising virus cases has also lent support. However, weighing on gold price is recovery in US dollar amid some hawkish Fed comments, weaker investor interest and drop in China’s gold imports. Gold may continue to trade firm amid risk aversion in the market and a fall may come only if Fed Chairman sounds too hawkish.
Sandeep Matta, Founder, TRADEIT Investment Advisor
Gold prices are seeing some bullish traction from the lower range of the range and trading above 50-DEMA. Market participants are expecting to get more clarity and insights on precious metal from the speech of Fed chairman at the Jackson Hole Economic Symposium. Increasing threats of delta variants are likely to negatively impact economic growth which may force Fed Reserve to take a step back and would be a bullish trigger point both for Gold and Silver.
Gold on MCX is also closed mostly unchanged and awaiting more clarity on tapering timelines from the Fed meeting. The outlook for the gold is positive however we may see sharp moves in prices either side based on the outcome of the fed meeting.
Key level for GOLD AUG Contract – 47185
Buy Zone Above – 47185 for the target of 47433-47630
Sell Zone Below – 47150 for the target of 46987-46700
Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart
COMEX gold is trading near to its resistance area of 1810-1830 and weakness can only be seen below 1775 as being its critical support level. Ahead of today’s US Fed Chairman Jerome Powell’s speech in the Jackson hole Symposium, gold may remain sideways, whereas MCX gold is having resistance at 47400-47600 and may witness selling pressure near to resistance levels and support can be seen at 47000.
(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)
Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.
