Gold Price Today Below Rs 48,000; Silver Drops Sharply - check new rates 

Gold price in India remained flat on Wednesday, tracking the global cues. Amid the rising number of Covid-19 cases across the world, investors weighed the prospects of early interest rate hike by the US Federal government. On the Multi-Commodity Exchange (MCX), the gold contracts were little changed at Rs 47,951 for 10 grams at 0928 hours on January 5.
 Silver price dipped sharply on Wednesday. The precious metal future dropped 0.16 per cent to Rs 62,128 for a kilogram on January 5.

In the international market, gold price was under pressure. Spot gold was flat at $1,813.91 per ounce by 0133 GMT. US gold futures were at $1,813.80. Benchmark 10-year Treasury yields rose to their highest in more than a month on Tuesday. The US dollar index hovered near a two-week high touched on Monday, tracking gains in US Treasury yields. High dollar index dented safe haven metal’s appeal to other currency holders.

“International gold prices have started flat this early Wednesday morning in Asian trade. Technically, LBMA spot Gold resistance zone is at $1818-$1830 levels. Support zone is at $1805-$1795 levels. Domestic gold prices could start flat this early Wednesday, tracking the overseas prices. Technically, if MCX Gold February above Rs 47,700 level could see an upside momentum up to the resistance zone at Rs 47,990-48,150 levels. Support zone is at Rs 47,690-47550 levels," said Sriram Iyer, senior research analyst at Reliance Securities.

“On the Bollinger Band (20,2), the gold price is trading above the mean with the upper band facing in the upward direction indicating the price to move higher. On the oscillator side, RSI (14) is trading in a comfortable zone indicating the intact bullishness in the gold. We expect Gold may continue it’s outperformance in coming trading days as well and may move towards Rs. 49000. Any correction towards the recent support of Rs 47500 may be utilised to average the positions.

Buy Zone Above - Rs 48,100 for the target of Rs 48,300. Sell Zone Below - Rs 47,800 for the target of Rs 47,600," said Ravi Singh, vice president and head of research

“As per daily technical chart gold and silver both are showing weakness, momentum indicator RSI also indicating the same in hourly as well as daily chart. So traders are advised to create fresh sell positions near given resistance levels, traders should focus important technical levels given below for the day: February Gold closing price Rs 47,949, Support 1 - Rs 47,800, Support 2 - Rs 47,650, Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,300. March Silver closing price Rs 62,226, Support 1 - Rs 61,700, Support 2 - Rs 61,000, Resistance 1 - Rs 62,400, Resistance 2 - Rs 62,800," Amit khare, AVP- research commodities, Ganganagar Commodity Limited.

“Safe heaven buying was seen in spot gold yesterday as Omicron cases continued to move higher but the gains were limited as current variant of Virus is reported less destructive then it’s earlier version DELTA, Rising 10 year bond yields also kept pushing prices lower as investors bet on 3 rate hikes in 2022. Technically gold is trading above all its moving average but lack of follow up buying mat be a cause of concern for bulls and any move below 1798 $ in spot gold must be use to short the metal while move above $1820 can take it towards $1830. RSI is hovering near it’s 3 period EMA & 12 period WMA which reflects that still their is lot uncertainty among traders while ADX below 20 reflects range bound movement. Important supports for the day are $1810, $1803 and $1798 while important resistance are at $1820 & $1830," said

Post a Comment

Previous Post Next Post

Breaking Posts