Gold Price Today, 29 July 2021: Gold rises to 1-week high; how to trade MCX gold, MCX silver, COMEX gold

Spot gold recovered from a weekly low as the US Federal Reserve failed to give a timeframe for tapering of economic stimulus activities

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India rose to a one-week high on Thursday, following international market trends. On Multi Commodity Exchange, gold August futures were trading Rs 194 or 0.41 per cent up at Rs 47,780 per 10 gram, against the previous close of Rs 47,577. Silver September futures were ruling at Rs 67,203 per kg, up Rs 813 or 122 per cent. In the previous session, silver futures settled at Rs 66,390 per kg. Globally, yellow metal rose to its highest level in over a week on Thursday after the US Federal Reserve failed to give a timeline for its tapering plans and said it was “ways away” from considering raising interest rates, according to Reuters. Spot gold rose 0.5% to $1,815.56 per ounce , having earlier hit a peak since July 20 at $1,817.35. US gold futures climbed 0.9% to $1,815.30 per ounce.

Hareesh V, Research Head Commodities, Geojit Financial Services

Spot gold recovered from a weekly low as the US Federal Reserve failed to give a timeframe for tapering of economic stimulus activities. The policy statement weighed on the US dollar, which made gold cheaper for holders of other currencies. Worries over the rise in new virus cases also lent support to the commodity. If the support of $1800 remains, there are chances of recovery upticks towards $1845 followed by $1880 levels. However, an unexpected drop below $1765 is an early signal of liquidation pressure.

NS Ramaswamy, Head of Commodities, Ventura Securities

Today, we expect the MCX Gold Aug prices to trade with positive bias. Prices are hovering near the key averages on daily chart. The 20-day moving average is seen at 47,765 level. On the upside, key resistance for intraday is seen at 48,000 level. Breaking above this level, we may see prices heading towards 48,500 level for intraday. On the downside, key support is seen around 47,300 level. On the Comex front, Gold prices are holding above the key level of $1800/ounce. Breaking above $1820/ounce, we may expect prices heading towards $1850/ounce for intraday. MCX SILVER Sep prices are also likely to trade positive for intraday. On hourly chart, prices need to sustain above 67,100 level which is 100 EMA level on hourly chart. We may see prices heading towards 68,000 level for intraday if prices manage to sustain above this level.

On the Comex Front, immediate resistance is at $25.50/ounce. Breaking above this level, we may see prices heading towards $26/ounce level.

Sandeep Matta, Founder, TRADEIT Investment Advisor

Gold prices to get some upward push as Fed did not lift the interest rates from near zero level and reiterated that the U.S. has not reached “substantial further progress” to start curbing the central bank’s $120 billion a month in asset purchases. $1800 will act as major support while $1835 will be a major hurdle precious metal needs to clear to come into a bullish trajectory. Gold on MCX is expected to trade on positive side however strong dollar, risk of hawkish Fed will weigh on gold and keep it sideways until is breaks and sustain above Rs 48200 levels. Current Gold contract on MCX is also nearing the expiry and will operate with high volatility.

Key level for GOLD AUG Contract – 47579
Buy Zone Above – 47580 for the target of 47700-48000
Sell Zone Below – 47550 for the target of 47468-47320

(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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