Gold Price Today: Yellow metal to remain volatile amid rising US bond yields

Asia's Tech News Daily

#Commodities

Gold was trading a tad higher in the Indian market on October 20 even as surging US bond yields dented the metal’s appeal in the international market and bets for upbeat corporate earnings lifted risk-on sentiment.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.29 percent to Rs 47,417 for 10 grams at 9.30 am. December silver futures were up 0.09 percent to Rs 64,511 a kilogram.

“The yellow metal showed extreme volatility yesterday and gained in the early trading session but give up most of the gains in the late evening session after strong gains in the US bond yields. However, silver posted solid gains and reached five-week highs,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.

“We expect both precious metals to remain volatile in today’s session and gold prices are expected to hold their key support of $1,750 per troy ounce,” he added.

Gold has support at $1,755-17,44 a troy ounce and resistance at $1,784-1,800 per, while silver has support at $23.55-23.20 a troy ounce and resistance at $24.10-24.40 per troy ounce, he said.

On MCX, gold has support at Rs 47,050-46,800 and resistance at Rs 47,550-47,770, while silver has support at Rs 63,900-63,300 and resistance at Rs 64,800-65,500.

“We suggest buying gold around Rs 47,100 with a stop loss of Rs 46,880 for the target of Rs 47,550,” Jain added.

Trading Strategy

Ravi Singh, Vice President & Head of Research at ShareIndia

MCX gold traded in a range-bound zone on October 19 taking cues from the global market. However, volatility was higher due to the movement in the US dollar.

We expect gold to trade sideways to up in the coming week. On MCX, gold has support at Rs 46,900 and resistance at Rs 47,650.

Buy Zone Above-47,300 for the target of 47,650

Sell Zone Below – 46,900 for the target of 46,600

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

Technical charts of gold and silver are strong. The momentum indicator RSI is also pointing to the same. Traders should make fresh long positions in gold and silver on small dips and focus on these levels:

December Gold closing price: Rs 47,280 | Support 1- 47,150 | Support 2-47,000 | Resistance 1-47,400 | Resistance 2-47,650.

December Silver closing price: Rs 64,450 | Support 1- 63,500 | Support 2-62,600 | Resistance 1-65,000 | Resistance 2-65,500.

Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart

The dollar index fell 0.22  percent on October 19 as building permission data from the US remained below estimated numbers. However, the US 10-year bond yield rose 1.63 percent, putting pressure on precious metals.

On MCX, gold has resistance at Rs 47,700 and selling pressure can be seen if it rises towards resistance levels. It has support at Rs 47,000. Silver has resistance at Rs 65,500 and support at Rs 63,800.

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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