Gold price today, gold price on October 20, 2021: MCX Gold for sideways trading, may drop to Rs 47,000; Check Support and Resistance – Gold Price Forecast, Gold Price Forecast – News Couple
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Gold price today, gold price on October 20, 2021: MCX Gold for sideways trading, may drop to Rs 47,000; Check Support and Resistance – Gold Price Forecast, Gold Price Forecast


The overall technical charts for gold and silver are solid, and the RSI indicator is also indicating the same thing, which means more bullish potential for bullion. Photo: Reuters

Gold prices today, gold price forecast, gold price forecast: Gold prices in India were trading higher on Wednesday, even as the yellow metal fell in global markets. On the Multi Commodity Exchange, December gold futures were trading at Rs 117, or 0.25 per cent, at Rs 47,397 per 10 grams, against the previous close of Rs 47,280. Silver futures for December were flat at Rs 64,505 per kilogram. Globally, the yellow metal fell as rising US bond yields impacted the metal’s allure and bets on upbeat corporate earnings lifted risk sentiment, according to Reuters. Spot gold was down 0.1% at $1,767.71 an ounce. The metal rose as much as 1.2% on Tuesday before giving up most of those gains as Treasury yields rose. US gold futures fell 0.1 percent to $1,768.40.

Taban Patel, Senior Commodity Analyst, HDFC Securities

Gold traded flat on Wednesday with Comex spot gold prices trading solidly around $1,774 an ounce in morning trading. Gold traded higher on gains as US bond yields rose. Gold prices fluctuated amid speculation ahead of comments from Fed officials with the Fed likely tapering off soon. We expect gold prices to trade sideways today with COMEX Gold spot support at $1,760 and resistance at $1,790 an ounce. MCX Gold support for December is at Rs. 47000 and resistance at Rs. 47600 per 10g.

Jigar Trivedi, Research Analyst – Commodity Fundamentals, Anand Rathi Equities & Stock Brokers

Today, the MCX Gold futures contract for December could drop to Rs. 47,100 per 10 grams, as the US dollar is expected to rise after Federal Reserve Governor Christopher Waller said that the central bank should start reducing its monthly purchases of $120 billion in Treasury and mortgage-related assets next month, confirming market expectations of an occurrence Limit programs that were launched during the height of the pandemic but are no longer needed. Weakness in base metals could put additional pressure on silver as silver in December could drop to Rs. 64100 per kilogram.

Ravi Singh, Vice President – Head of Research, Share India Securities

MCX Gold traded in a range bound territory yesterday taking cues from the global market. However, the volatility was higher due to the movement in the US dollar. We expect gold to trade sideways to the upside next week. In MCX, there is support for gold at 46900 and resistance at 47650.

Buy zone above – 47300 for a target of 47650
Selling area below – 46900 to target 46600

Amit Kher, AVP – Research Commodity, Ganganagar Commodity

Yesterday we saw some safe haven buying in bullion at lower levels, especially in silver. Technical charts for gold and silver are generally solid. The RSI is also indicating the same thing, which means more bullish potential for bullion. Traders are therefore advised to take fresh long positions in gold and silver on small dips, and traders should focus on the important technical levels given below for today:

December gold closing price 47280, support 1-47150, support 2-47000, resistance 1-47400, resistance 2-47650.

Silver December closing price 64450, support 1 – 63500, support 2 – 62600, resistance 1 – 65000, resistance 2 – 65500.

(Opinions in this story are expressed by the relevant experts of the research and brokerage firm. Financial Express Online takes no responsibility for their advice. Please consult your investment advisor before investing.)

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