Gold Price Today Jumps After Steep Fall in Previous Session; Silver Increases Too..


Gold Price Today: Now gold and silver both are trading on oversold zone in daily chart where we can see a pullback rally any time, said expert

Updated: June 18, 2021, 10:36 IST

Gold price on Friday rose marginally after hitting lowest in over a month in the previous session. On the Multi-Commodity Exchange (MCX), gold futures climbed 0.36 per cent at Rs 47,126 for 10 grams at 0950 hours IST on June 18. Silver also edged higher on Friday. July silver futures were trading 1.09 per cent higher at Rs 68,336 a kilogram.


In the international market, gold rose on Friday. Spot gold was up 0.6% at $1,784.16 per ounce, as of 0258 GMT. However, prices have fallen nearly 5% so far this week. US gold futures gained 0.5% to $1,783.20.

“International spot gold and silver prices have started marginally higher on bargain buying and some short covering in futures side of things on Friday morning in Asian trade. However, upside will be capped as the dollar could continue its bullish momentum after Federal Reserve announcement. Technically, LBMA Gold Spot could see sideways to marginal downside momentum up to $1773-$1755 levels. Resistance is at $1791-$1812 levels. LBMA Silver is below $26.50 and will continue its bearish momentum up to $25.80-$24.10 levels. Resistance is at $26.65-$26.90 levels,” Sriram Iyer, senior research analyst at Reliance Securities

“Domestic gold and silver prices could start marginally higher on Friday morning, tracking overseas prices, but upside will be capped. On the other hand, weaker Rupee could cap downside,” Iyer added.

“On the domestic front, MCX Gold August will continue its Bearish momentum below 47000 level. Support is at Rs 46,800-46,600 levels. Resistance is at Rs 47,180-47,300 levels.MCX Silver July holds a support near Rs 67,300-66500 levels. Resistance is at Rs 68,700-69,500 levels,” he further mentioned.

“The Federal Open Market Committee meet outcome has triggered surge in 10-year US bond yield and rise in US dollar which weighted heavily on gold. Fundamentally we are of the view that rising inflation and rising interest rates mean economies are stronger, suggesting more consumer and commercial demand for metals and also needs to keep in mind that problematic inflation has historically been bullish for yellow metal, as a hedge against rising prices. At current level of $1775 an ounce, gold is in oversold zone and one daily positive closing will help gold to again regain $1850 mark,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.

“Gold of MCX also tumbled after the meeting outcome and has lost nearly Rs 2,500 in last few days. Day trading will be riskier due to expected high volatility but investors may find the right pricing for stocking after this panic selling. Key level for GOLD AUG Contract – Rs 47,320. Buy Zone Above – Rs 47,325 for the target of Rs 47,550-48,000. Sell Zone Below – Rs 47,320 for the target of Rs 46,400-45,900,” he added.

“Now gold and silver both are trading on oversold zone in daily chart where we can see a pullback rally any time. The overall trend is still positive. So traders are advise to create long positions in bullion’s and traders should also focus important technical levels given below for the day: August Gold closing price Rs 46,958, Support 1 – Rs 46,700, Support 2 – 46,200, Resistance 1 – 47250, Resistance 2 – Rs 47,750. July Silver closing price Rs 67,599, Support 1 – Rs 67,500, Support 2 – Rs 66,900, Resistance 1 – Rs 68,100, Resistance 2 – Rs 68,700,” said Amit Khare, AVP- research commodities, Ganganagar Commodities Limited.

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