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Gold Rate Today, Gold Price on 20 October 2021: MCX gold to trade sideways, may fall to Rs 47,000; check help, resistance – Gold Price Forecast, Gold Price Outlook

Overall technical charts of gold and silver are robust, momentum indicator RSI additionally indicating the identical, which suggests extra upside potential for bullions. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold costs in India have been buying and selling increased on Wednesday, at the same time as yellow steel fell within the international markets. On Multi Commodity Exchange, gold December futures have been buying and selling Rs 117 or 0.25 per cent up at Rs 47,397 per 10 gram, as towards the earlier shut of Rs 47,280. Silver December futures have been ruling flat at Rs 64,505 per kg. Globally, yellow steel edged decrease as surging US bond yields dented the steel’s attraction and bets for upbeat company earnings lifted risk-on sentiment, in accordance to Reuters. Spot gold dropped 0.1% to $1,767.71 per ounce. The steel rose as a lot as 1.2% on Tuesday earlier than giving up most of these good points as Treasury yields rallied. U.S. gold futures fell 0.1% to $1,768.40.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold costs traded regular on Wednesday with spot gold costs at COMEX have been buying and selling agency close to $1774 per ounce within the morning trade. Gold costs traded increased limiting good points with rise in US bond yields. Gold costs fluctuated on hypothesis forward of feedback from FED officers with risk of sooner FED tapering. We count on gold costs to trade sideways to up for the day with COMEX Spot gold help at $1760 and resistance at $1790 per ounce. MCX Gold December help lies at Rs. 47000 and resistance at Rs. 47600 per 10 gram.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

Today, MCX Gold December futures may decline to Rs. 47,100 per 10 gram, because the US greenback is anticipated to rise after Federal Reserve Gov. Christopher Waller, mentioned that the central financial institution ought to start tapering its month-to-month purchases of $120 billion in Treasury and mortgage-associated belongings subsequent month, affirming market expectations for a discount in applications that have been launched through the top of the pandemic however have been considered as not wanted. A weak undertone within the base metals may put a further strain on silver as December silver may fall to Rs. 64,100 per kg.

Ravi Singh, VP – Head of Research, Share India Securities

Gold MCX traded in a variety certain zone yesterday taking cues from the worldwide market. However, the volatility was increased due to the motion within the US greenback. We count on gold to trade sideways to up within the coming week. In MCX, Gold has a help at 46900 and resistance at 47650.

Buy Zone Above – 47300 for the goal of 47650
Sell Zone Below – 46900 for the goal of 46600

Amit Khare, AVP – Research Commodities, Ganganagar Commodity

Yesterday we noticed some protected-haven shopping for in bullion at decrease ranges, particularly in silver. Overall technical charts of gold and silver are robust. The momentum indicator RSI additionally signifies the identical, which suggests extra upside potential for bullion. So merchants are suggested to make recent lengthy positions in Gold and Silver in small dips, merchants ought to focus on vital technical ranges given beneath for the day :

December Gold closing value 47280, Support 1 – 47150, Support 2 – 47000, Resistance 1 – 47400, Resistance 2 – 47650.

December Silver closing value 64450, Support 1 – 63500, Support 2 – 62600, Resistance 1 – 65000, Resistance 2 – 65500.

(The views on this story are expressed by the respective consultants of the analysis and brokerage agency. Financial Express Online doesn’t bear any duty for his or her recommendation. Please seek the advice of your funding advisor earlier than investing.)

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