Gold Rate Today, Gold Price on 13 July 2021: Gold struggles after hitting 1-week high on previous day; support at Rs 47,500 – Gold Price Forecast, Gold Price Outlook

by Joseph K. Clark

Technically, MCX Gold Aug prices are looking positive for intraday. However, an analyst said the fee would trade in a sideways movement. Image: Reuters

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were seen struggling on Tuesday, as yellow metal in global markets steadied after hitting a one-week low in the previous session. On Multi Commodity Exchange, gold August futures traded Rs 59 up at Rs 47,833 per 10 grams, against the last close of Rs 47,774. Silver September futures were ruling at Rs 69,490 per kg, up to Rs 115 or 0.8 percent. Silver futures settled at Rs 69,375 per kg in the previous session. Globally, gold prices steadied on Tuesday after hitting a one-week low in the last session, as the dollar weakened slightly ahead of US inflation data that could offer clues about the likely timing of policy tightening by the Federal Reserve. Spot gold rose 0.1% to $1,807.22 per ounce. It fell to its lowest level since Monday,July 6, of $1,790.49. According to Reuters, US gold futures were up 0.1% to $1,808.1.

Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities

Gold is struggling to sustain above $1812, and what is surprising is that there are plenty of tailwinds for gold to push prices higher. This past week, we saw interest rates drop below -1% for the first time since April. China on Friday cut interest rates and lowered reserve requirements for banks, unleashing around 1 trillion yuan back into the economy. Despite all this positive news, gold remains lackluster after climbing to $1800. With US Treasury yields dropping at 1.3%, gold should quickly be trading above $1850. The Federal Reserve Chairman Jerome Powell will speak to Congress this week to update the Fed’s current monetary policy. We are neutral to positive in gold, and today’s US CPI numbers will give further direction to gold. A significantly higher US CPI number from June could spark the market’s tapering fears, weighing on gold. 47500 is the support that appears to be the saving grace for bulls, while 48100-48200 seems to be strong resistance to the gold market.

Gold Rate

NS Ramaswamy, Head of Commodities, Ventura Securities

Technically, MCX Gold Aug prices are looking positive for intraday. However, the fee will trade in a sideways movement (48,300 to 47,300) level. On the other hand, the ADX indicator continues to fall below 20 levels, suggesting that choppy action can be expected at the gold prices for the next few days. We hope the next leg of movement will start only breaking above/below these levels. On the upside, MCX’s gold price faces strong resistance at the 200-day moving average (48300); similarly, on the downside, it will take strong support at the 20-day moving average (47,300) levels. Moving forward, we expect the following few day’s gold prices to hover around these two moving averages.

Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services

The focus is on US CPI data due tonight and Fed Powell’s semi-annual congressional testimony on Wednesday and Thursday. This could provide fresh clues about the US central bank’s near-term monetary policy outlook and play a key role in determining the next leg of the yellow metal. In the meantime, gold will remain on edge, tracking the dynamics of the US dollar. Any dovish reiteration by Powell will scale back the tapering worries, boosting gold prices. MCX Gold prices hit a low of 47477 levels yesterday, but prices recovered to close at 47774. The counter needs to trade above 48000 levels consistently to see a bounce towards 48180/48300 areas. Areas around 47700 are immediate support on dips for the day. A decisive break below this level will see prices slip towards 47477/47345.

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

COMEX gold trades marginally lower, near $1805/oz, after a 0.6% gain on Friday. Gold eased as US bond yields came off the lows amid stability in equity markets. Also, weighing on price is weaker investor interest and Fed’s monetary tightening expectations. However, supporting price is rising virus concerns, US-China tensions, and inflationary concerns. Gold may remain choppy amid a lack of fresh cues; however, increasing challenges may improve safe-haven appeal.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investment

Gold prices opened at Rs 47858. Market participants will look at US inflation data today and Federal Reserve Chair Jerome Powell’s economic testimony in the coming two days as they gauge expectations for the Fed to dial back on stimulus as soon as this year. US Dollar is witnessing Range bound movement and cannot sustain at higher levels giving support to Gold prices. Gold in MCX is sustaining above 200 daily EMA. However, the US 10-year yield rebounded from lower levels keeping gold prices in a narrow range. Gold has support at 47400 and resistance at 48000. Silver has support at 68400 and resistance at 70100.

(The views in this story are expressed by the respective research and brokerage firm experts. Financial Express Online does not bear any responsibility for its advice. Please consult your investment advisor before investing.)

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