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Gold Price Today, 17 August 2021: MCX Gold flat even as global prices hover near one-week high

Globally, yellow metal prices were steady as support from safe haven demand amid rising Delta variant cases offset pressure from a firmer dollar

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Tuesday, as international rates remained steady, hovering near an over one-week peak. On Multi Commodity Exchange, gold October futures were trading Rs 14 up at Rs 47,239 per 10 gram, as against the previous close of Rs 47,225. Silver September futures were ruling at Rs 63,650 per kg. In the previous session, silver futures ended at Rs 63,457 per kg. Globally, yellow metal prices were steady as support from safe haven demand amid rising Delta variant cases offset pressure from a firmer dollar. Spot gold was little changed at $1,787.90 per ounce, after hitting its highest since Aug. 6 at $1,788.97 on Monday, according to Reuters. US gold futures eased 0.1% to $1,788.40.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold prices have paused near $1785 and need to breach $1800 for participants to go long in gold. The recovery last week was strong in Gold after it breached $1700 due to strong NFP data. FOMC July minutes are set to be released on Wednesday and the FOMC minutes are likely to determine gold’s next near-term direction, where a hawkish report may send gold tumbling once more. Weaker-than-expected economic data out of China on Monday also had traders and investors shift to gold from other riskier assets as the surging Delta variant might likely crimp China’s economic growth. Rs. 47500 is the next resistance while Rs 46500 is the support. Unless gold does not breach $1750, buy on dips strategy should be utilized.

Sandeep Matta, Founder, TRADEIT Investment Advisor

The precious metal has again reached its key resistance zone of $1790/oz, the levels it was holding before the sharp sell off. Gold has managed to recover from $1700/oz level with some strong price action amid mild anxiety in the marketplace. Central bank’s demand specially in India and Brazil is growing which will work as additional price support while global positive equity markets, crypto buzz will hold precious metal to take big moves and keep it within the range of $1760-$1835. Sentiment in MCX Gold is positive and expected to remain within the 47000-48000 range in the short run. Participants who have a strategic position are advised to hedge it while tactical positions taken from lower levels can be pocketed.

Key level for GOLD AUG Contract – 47107
Buy Zone Above – 47110 for the target of 47398-47500
Sell Zone Below – 47100 for the target of 46934-46700

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

COMEX gold trades marginally lower near $1788/oz after a 0.7% gain yesterday. Gold is pressurized by some hawkish Fed comments, persistent strength in US equities and continuing ETF outflows. However, supporting gold price is disappointing US and Chinese economic data, rising virus cases and increasing tensions relating to Afghanistan. Gold may remain supported by increasing economic challenges and geopolitical risks however we need to see a break above $1800/oz for a sustained rise.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

Gold has rallied overnight on the back of fall in bond yields and dollar index but opened on a flat note. But it may remain volatile ahead of Jerome Powell’s speech today and FOMC meeting outcomes tomorrow. Technically COMEX Gold has a critical supply zone in $1790-$1800 area whereas 47300-47500 is a supply zone for MCX Gold and there is risk of sell off from this zone but if it manages to surpass this area then we can expect a short-covering rally towards 48000 level. On the downside, 47000 is an immediate support level while 46800/46600 will be the next support levels.

(The views in this story are expressed by the respective experts of the 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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