Gold Rate Today, Gold Price on 20 August 2021: MCX gold up; bulls wait for positive news to rally; key factors limiting upside – Gold Price Forecast, Gold Price Outlook

Gold Rate Today, Gold Price Today in IndiaWe might not see strong rally in gold due to headwinds in form of strong US dollar, rising US yields and asset tapering talks

Gold Price Today, Gold Price Outlook, Gold Price Forecast: MCX gold prices edged higher on Friday, even as global rates were flat on a firmer dollar. On the Multi Commodity Exchange, gold October futures were trading Rs 102 or 0.22 per cent up at Rs 47,271 per 10 gram, against the last close of Rs 47,169. Silver September futures were ruling at Rs 62,180 per kg, up Rs 47. In the previous session, silver futures ended at Rs 62,133. Globally, a stronger dollar garnered support from rising anxiety over increasing cases of coronavirus’ Delta variant that could delay economic recovery. Spot gold was flat at $1,780.43 per ounce, while US gold futures were little changed at $1,782.40.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold prices are remaining resilient despite the strong US dollar. FOMC minutes showed that most of the Fed members believe asset purchasing should be curtailed and we might see asset purchase programs coming to end by end of this year. Gold reacted negatively to this news but have again climbed back near to $1780. One of the reasons for gold not witnessing sell off is because of long liquidation in equity markets. US Weekly jobless claims also came stronger which should be negative for gold but prices are remaining steady. We might not see strong rally in gold due to headwinds in form of strong US dollar, rising US yields and asset tapering talks. But looking at the resilient we assume that gold bulls are discounting all bad news and waiting for any positive news for rally. Today also we recommend buy on dips with stoploss of 47000 and expected target of 47400.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Comex Gold is facing some selling pressure from the supply zone of USD1790-1800 due to a surge in the dollar index after Fed’s minutes but it is still trading sideways with immediate support at USD1775. Any decisive move from 1775-1800 band will dictate the further direction for it. If we talk about MCX Gold then there are two forces in opposite directions as a surge in the dollar index causing pressure in Comex gold but at the same time weakness in the rupee will support gold prices in the MCX market. Technically, 47500-47000 is a well-defined range and any decisive move from this band will dictate further direction.

Sandeep Matta, Founder TRADEIT, Investment Advisor

Gold price from past few days is closing mostly unchanged and has stuck in the range of $1770-$1790/oz. Market participants will be eyeing the upcoming economic symposium which could become the new catalyst for gold to surge. Gold on MCX is also finding its major support on 47000 and trading with short term bullish technical advantage. The outlook is positive for precious metal particularly due to heavy selloff in global equity market and increasing cases of delta variant globally. Traders are advised to follow key levels both the sides and investors can accumulate gold on every dip.

Key level for GOLD AUG Contract – 47364
Buy Zone Above – 47365 for the target of 47500-47800
Sell Zone Below – 47350 for the target of 47000-46800

(The views in this story are expressed by the respective experts of research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

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