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Gold Price Today Nears Rs 47,300-Mark; 'Traders Must Create Fresh long Positions'

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  • Gold Price Today Nears Rs 47,300-Mark; 'Traders Must Create Fresh long Positions'
    2021-08-23, By: System Administrator

    Gold price in India edged higher on Monday. On the Multi-Commodity Exchange (MCX), October gold contracts rose to Rs 47,239 for 10 grams at 0945 hours on August 23. Silver also witnessed a huge jump on Monday. The precious metal future jumped 0.34 per cent to Rs 61,928 on August 23. In the international market, gold price inched lower on Monday. Spot gold fell 0.1% to $1,779.12 per ounce by 0057 GMT. US gold futures were down 0.2% to $1,780.40. The dollar traded near the 9 month high hit last week.

    The Federal Reserve Bank of Kansas City said its annual economic symposium in Jackson Hole, Wyoming, will take place on August 27 virtually. The decision came amid surging number of Covid-19 Delta variant cases. Chair Jerome Powell will give a speech at the event on the economic outlook.

    “International gold and silver prices were flat this Monday morning in Asian trade. The dollar held near recent highs and could keep upside limited, although growing concerns over the economic fallout from the spread of the Delta coronavirus variant could losses in check. Against the backdrop of recent tapering hints from the US central bank, the spotlight shifts to the Fed’s annual get-together this week in Jackson Hole, Wyoming, which could shed further light on monetary strategy and timeline. Technically, LBMA Gold is trading below 21-Daily Moving Average which is placed at $1785 levels below which could see downside momentum $1775-$1768 levels. Resistance is at $1787-$$1795 levels. LBMA Silver above $23.00 level could see $24.10-$25.22 levels. Support is at $23.40-$22.65 levels," said Sriram Iyer, senior research analyst at Reliance Securities.

    “Gold and silver are making bottom, Momentum indicator RSI creating a positive divergence in silver in four hourly chart. So traders are advised to create fresh longs positions in gold and silver. Traders should also focus important technical levels given below for the day: August gold closing price Rs 47,158, Support 1 - Rs 46,950, Support 2 - Rs 46,800, Resistance 1 - Rs 47,350, Resistance 2 - Rs 47,500. September Silver closing price Rs 61,721, Support 1 - Rs 61,100, Support 2 - Rs 60,500, Resistance 1 - Rs 62,350, Resistance 2 - Rs 63,000," said Amit khare, AVP- research commodities, Ganganagar Commodities Limited.

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