Gold Price Today: Yellow metal trade flat, experts say buy on dips for a target of Rs 47,550

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“We expect gold and silver to remain volatile this week and continue to hold their support levels. Strength in crude oil and weakness in the benchmark 10-year bond yields continue to support precious metal prices. Gold has support at $1,774-1,762, while resistance is at $1,800-1,810 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

On MCX, gold has support at Rs 47,055-46,920 and resistance at Rs 46,500-4,6740, he said. Silver has support at Rs 69,600-69,100 and resistance at Rs 70,700-71,200 levels, he said.

Jain suggests buying in gold on dips around Rs 47,055 with a stop loss of Rs 46,880 for the target of Rs 47,550 and in silver around Rs 69,600 with a stop loss of Rs 68,800 for the target of Rs 70,900.

Technical indicators

Expert: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

Comex gold was trading modestly higher near $1,789 after a 0.4 percent gain on July 2. Gold has inched up as mixed US non-farm payrolls data has brought a halt to the dollar’s rise. Renewed virus concerns have also increased gold’s safe-haven appeal.

However, weighing on price is weaker investor interest and the Fed’s monetary tightening expectations. Gold has edged up on mixed US jobs report, however, upside remains restricted by persisting worries about the Fed's monetary tightening.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited

Gold and silver both are making the bottom and indicating strong pull-back signals. The momentum indicator RSI is also giving strong positive divergence on the daily chart.

Traders are advised to make long position in gold as well as silver and focus on important technical levels given below for the day:

August gold closing price: Rs 47,285; support 1: 47,000; support 2: 46,700; resistance 1: 47,525; resistance 2: 47,800.

September silver closing price; Rs 70,188; support 1: 69,500; support 2: 68,900; resistance 1: 70,830 and resistance 2: 71,825.

Sriram Iyer, Senior Research Analyst, Reliance Securities

International gold and silver prices continued to rebound for the third consecutive day on July 2, tracking weakness in the dollar.

Domestic gold and silver rose, tracking overseas prices. The US two-year yields tumbled in the wake of the payroll report, as wage gains remained steady.

Domestic gold and silver prices could start marginally higher on July 5, tracking overseas prices.

On the domestic front, MCX August gold holds strong support near Rs 47,150-47,000. Resistance is at 47,400-47,700.

Above 68,700, MCX September silver will continue bullish momentum up to Rs 70,300-71,400. Support is at Rs 68,600-67,300.

Abhishek Chauhan Head Commodities & Currencies, Swastika Investmart

Declining US bond yield and dollar that fell against the basket of major currencies supported gold and silver prices.

The short-term trend in gold may remain range-bound to upside. Comex gold has resistance at $1,800 and above this level, it may move towards $1,830.

While $1,750 is a crucial support zone, below it, this view would be negated. On MCX, 47,500 is a key resistance level, while support is at 46,800. Silver has support at 69,000 and resistance at 70,500.

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