Moneycontrol PRO

Gold Prices Today: Experts see range-bound movement in yellow metal; support around Rs 50,200

Technically, gold has support at Rs 50600 and prices are hovering above 100-DEMA. It has resistance at Rs 51300. Silver has support at Rs 60800 and resistance at Rs 62000, said Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart.

June 22, 2022 / 09:37 AM IST
Representative Image

Representative Image

Gold prices eased on Wednesday in the international markets as the dollar firmed up, although bullion still traded in a narrow range as investors awaited fresh cues from top central banks on their monetary policy plans, especially from the US Federal Reserve.

Spot gold fell 0.3 percent to $1,827.03 per ounce by 0231 GMT, extending losses to a fourth straight session. US gold futures dropped 0.6 percent to $1,828.10.

At 9.33am, gold contracts were trading 0.33 percent lower at Rs 50,595 for 10 grams on the Multi-Commodity Exchange (MCX), while silver was down 1.3  percent to Rs 60,476 a kilogram.

Gold prices traded weak on Wednesday with spot gold prices at COMEX were trading 0.31 percent down near $1,828 per ounce in the morning trade. Gold prices fluctuated below $1840 per ounce struggling to find a way on stronger dollar despite of weaker bond yields. The market sentiments are mixed over recession worries and aggressive Fed stance, said Tapan Patel, Senior Analyst (Commodities), HDFC securities.

We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,810 and resistance at $1,840 per ounce. MCX Gold August futures support lies at Rs 50,200 and resistance at Rs 51,000 per 10 grams, he added.

Close

Track Live Gold Prices Here

Trading Strategy

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices settled on a mixed note on Tuesday, with gold prices closing modestly lower while the latter was significantly up. A solid rebound in the US stock indices and rising bond yields weighed on the safe haven metal. Gold continued with its struggle to gain any meaningful traction and remained confined in a narrow trading band for the second successive day. However, silver prices recovered amid recovery in the industrial metals.

Gold has support at $1,820-1,808, while resistance is at $1,852-1,861. Silver has support at $21.20-20.95, while resistance is at $21.85-21.95. In rupee terms, gold has support at Rs 50,440–50,110, while resistance is at Rs 50,980–51,240. Silver has support at Rs 60,420-59,550, while resistance is at Rs 61,580–61,910.

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart

Gold and silver prices gained as the dollar, which moves opposite to gold, remained down. Gold remained marginally up in the previous session while silver gained more than 1 percent. However, a firmer US bond yield capped the gain of gold. In today's session, gold prices may remain on the upside due to the weakness in dollar. Technically, gold has support at Rs 50600 and prices are hovering above 100-DEMA. It has resistance at Rs 51,300. Silver has support at Rs 60,800 and resistance at Rs 62,000.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Jun 22, 2022 09:37 am
Sections
ISO 27001 - BSI Assurance Mark