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Gold Price Today, 9 July 2021: MCX gold set to gain, may continue to rally above Rs 46,900

In MCX gold, as long as the price trades above 46900, the view is bullish with major resistance around 48500-49000, said an analyst

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India surged on Friday, as they looked set for the third straight weekly gain mirroring the global trends. On Multi Commodity Exchange, gold August futures were ruling Rs 139 or 0.3 per cent higher at Rs 47,860 per 10 gram, as against the previous close of Rs 47,721. Silver September futures, on the other hand, fell Rs 150 or 0.22 per cent to Rs 68,813 gram. Globally, a slight pullback was witnessed in US dollar, making the bullion less expensive for the currency holders. Moreover, a fall in US Treasury yields, too, supported yellow metal prices. Spot gold was steady at $1,800.85 per ounce. Prices have risen nearly one percent so far this week. US gold futures were steady at $1,801 per ounce, according to Reuters.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Just as gold, silver looked to set up for trend change, they sold off late. It was a volatile day yesterday where precious metals charged higher once again after higher than expected US weekly jobless claims before giving up all gains and settling back to where they started. Off late, we saw investors unwinding their inflation positions i.e. selling commodity markets and buying US Treasuries. Today’s support for gold is 47600 and bias is on buy side with dip near 47600 is a good opportunity to go long with an expected target of 47900 and stoploss of 47400.

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

COMEX gold trades marginally higher near $1804/oz after a 0.1% decline on Thursday. Gold trades higher supported by safe-haven buying amid growth and virus concerns, weaker US dollar and lower bond yields. However, weighing on price is Fed’s tightening expectations and continuing ETF outflows. Gold may remain choppy near $1800/oz as safe-haven buying will be countered by Fed’s rate hike expectations.

Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services

Post FOMC minutes, gold is holding high. The minutes didn’t hint at any timeline for scaling-back the asset purchases by the Fed so that has been a positive factor for gold. The focus is back on the rising delta virus cases, the worries over lockdown will keep the gold prices steady. In MCX gold, as long as the price trades above 46900, the view is bullish with major resistance around 48500-49000, while major support is around 47300-46900.

Amit Khare, AVP- Research Commodities, Ganganagar Commodities

Technically, August gold futures prices scored a bearish “outside day” down on the daily bar chart on Thursday, after hitting a three-week high early on. The gold bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at $1,850.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,750.10. Gold and Silver both showed profit booking at higher levels after hitting 3 weeks high on Thursday. Gold showing more strength in comparison to Silver in the daily chart, So traders are advised to create a long position in Gold rather than Silver and should also focus on important technical levels given below for the day :

August Gold closing price 47,721, Support 1 – 47300, Support 2 – 46950, Resistance 1 – 48100, Resistance 2 – 48400.
September Silver closing price 68,962, Support 1 – 68300, Support 2 – 67800, Resistance 1 – 69550, Resistance 2 – 70100.

(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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