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Gold Price Today: Yellow metal trades flat, experts say use dips to buy for target of Rs 47,100

Buy gold on dips around 46770 with a stop loss below 46550 for the target of 47100 and in silver around 67400 with a stop loss below 66900 for the target of 68500, suggest experts.

June 28, 2021 / 10:03 AM IST

India Gold MCX August futures trade flat-to-higher on Monday tracking positive trend seen in the international spot prices which inched up on weak US dollar, and tamer-than-expected U.S. inflation data allayed fears of an early monetary policy tightening by the Federal Reserve.

The dollar index eased 0.1% against rivals, making gold cheaper for holders of other currencies, said a Reuters report. U.S. consumer spending paused in May, while the personal consumption expenditures price index, the Fed’s preferred inflation measure, came in below expectations, it said.

On the Multi-Commodity Exchange (MCX), August gold contracts were trading with a nominal gain of 0.07 percent at Rs 46,957 for 10 grams at 0930 hours. July silver futures were trading 0.20 percent higher at Rs 68,011 a kilogram.

Track live gold price here

Gold and silver prices settled on a slightly positive note in the international markets on Friday. Gold August futures contract settled at $1,781.70 per troy ounce and Silver July futures contract settled at $26.18 per troy ounce.

Close

Gold & Silver Rates May 22, 2022

Sunday, 22nd May, 2022

Gold Rate in Mumbai May 22, 2022

  • 10g of 24K gold in Mumbai
    50,330
  • 10g of 22K gold in Mumbai
    47,930

Sunday, 22nd May, 2022

Silver Rate in Mumbai May 22, 2022

  • 10g silver in Mumbai
    659
  • 1kg silver in Mumbai
    65,900
Show

Gold and silver traded in a tight range last week amid gains in the dollar index after the U.S. Federal Reserve gave a signal for raising interest rates by the end of 2023.

“We expect both the precious metals to remain volatile this week and any dip in the prices would be a buying opportunity at lower levels. Gold has support at $1768-1755, while resistance at $1792-1808 per troy ounce. Silver has support at $25.80-25.55, while resistance is at $26.50-26.84 per troy ounce,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research said

“At MCX, Gold has a support at 46750-46550 and resistance at 47055-47300; silver is having support at 67400-66900 and resistance at 68200-68800,” he said.

Jain suggest buying in gold on dips around 46770 with a stop loss below 46550 for the target of 47100 and in silver around 67400 with a stop loss below 66900 for the target of 68500.

Technical indicators

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver edged higher on Friday after sluggish U.S. consumer spending calmed bets for early monetary policy tightening by the Federal Reserve.

Domestic gold and silver flat to higher on Friday, tracking overseas prices. The inflation measure was below expectations in May.

The data initially weighed on the dollar, but the currency recovered from the lows of the session and kept upside capped.

Domestic gold and silver prices could start flat to weaker on Monday morning, tracking overseas prices.

On the domestic front, MCX Gold August holds strong support of 46800 where it could bounce back up to 47000-47200 levels.

If MCX Silver July trades above 67500 levels we could witness a continuation of its bullish momentum up to 68200-70000 levels. Support is at 67000-65800 levels.

Expert: Amit Khare, AVP- Research Commodities, Ganganagar Commodities Limited

Traders are advised to create a long position in Gold - Silver near support levels and traders should also focus on important technical levels given below for the day:

August Gold closing price 46,925: Support 1 - 46700, Support 2 - 46500, Resistance 1 - 47150, Resistance 2 - 47450.

July Silver closing price 67,873: Support 1 - 67400, Support 2 - 66800, Resistance 1 - 68200, Resistance 2 - 68850.

Expert: Abhishek Chauhan Head Commodities & Currencies, Swastika Investmart

Gold prices are facing stiff resistance near 47400 while 46800 is an important support level to watch out for. A break below the same will open the door for the next downside level of 46400 and 46000 levels in the coming session.

Silver prices have support at 67400, and if prices break the same then we may see further downside towards 66000 levels.

While resistance is placed at 68000, the overall trend is looking weak we may see some selling pressure from higher levels to remain intact in precious metals.

Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.



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Kshitij Anand is the Editor Markets at Moneycontrol.
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