Gold Price Today: Yellow metal to remain choppy, experts say traders can buy on dips

Asia's Tech News Daily

#Commodities

Gold prices edged up on October 18, recouping some of the losses after a steep selloff in the previous session as US bond yields and the dollar softened, restoring some of the precious metal’s appeal.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.14 percent to Rs 47,279 for 10 grams at 9.28 am. December silver futures rose 0.27 percent to Rs 63,440 a kilogram.

Gold imports, which have a bearing on the current account deficit, zoomed to about $24 billion during April-September 2021 due to higher demand in the country, data from the commerce ministry shows. Imports were at $ 6.8 billion in the corresponding period last year.

“Strong US retail sales data put pressure on prices of precious metals. However, the near trend in gold and silver is looking strong and prices are oversold in the hourly chart,” said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

“Gold has 200 exponential moving average (EMA) support at 47,000 and bounce in prices is likely to be seen from these levels. Silver prices are looking strong and any small correction could be buying opportunity. It has support at 62,500 and resistance at 63,700.”

Trading Strategy

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

Comex gold was trading marginally higher near $1,771 a troy ounce after a 1.6 percent decline in the previous session.

Gold was trading higher supported by disappointing Chinese economic data, persisting inflation concerns and retreat in US dollar index as well as US bond yields from the recent highs.

However, relative stability in equity markets amid some upbeat US economic data, corporate earnings and continuing ETF outflows weighed on the price.

Gold corrected sharply after testing $1,800 and may see choppy trade amid mixed factors but the general trend is still positive owing to increasing challenges to global economy.

Ravi Singh, Vice President & Head of Research at ShareIndia

According to data from the commerce ministry, gold imports increased to about $24 billion during April-September 2021 from $6.8 billion YoY due to higher demand in the country during festival and marriage season.

The correction in gold is due to profit booking and the recently published minutes of the September 21-22 FOMC meeting, which indicate that the American central bank could begin tapering its $120 billion monthly bond purchase programme from mid-November or mid-December.

Buy zone above-47,250 for the target of 47,500

Sell zone below-47,000 for the target of 46,750

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Gold and silver showed profit booking on October 15. On MCX, December gold contracts closed down 1.40 percent at Rs 47,213 for 10 grams, while the December silver futures contract closed at Rs 63,271 a kilogram, 0.45 percent down. Overall, technical charts of gold and silver are strong. The momentum indicator RSI is also indicating the same, so traders are advised to make fresh long positions in gold and silver near given support levels:

December gold closing price: Rs 47,213 | Support 1- Rs 47,050 | Support 2-Rs 4,6850 | Resistance 1- Rs 47,520 | Resistance 2-47,700.

December silver closing price: Rs 63,271 | Support 1- Rs 62,800 | Support 2- Rs 62,200 | Resistance 1- Rs 63,710 | Resistance 2- Rs 64,335.

Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own, and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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