Gold Price Today: Yellow metal trades higher, resistance placed at 48,000: Experts

India Gold MCX December futures were trading with positive bias on Thursday even as international gold prices ended near three-week lows on Wednesday. The precious metal was trading at Rs 47550 per 10-gram, a gain of Rs 112 (0.4%), after opening at Rs 47545 per 10-gram on the Multi Commodity Exchange of India (MCX). Gold has closed at Rs 47,438 per 10 gm on MCX on Wednesday.  

"Gold and Silver showed positive movement on the 24th November trading session. On the Multi-Commodity Exchange (MCX), December gold contracts closed up by 0.008% at Rs 47,438 for 10 grams. While December contract Silver futures closed at Rs 62,635 a kilogram, 0.20% up," said Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited.
Experts say Comex Gold prices remain subdued as robust US economic data lifted the dollar and treasury yields ahead of minutes from the Federal Reserve's November meeting that could provide cues on future interest rate hikes.

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"Also, the government’s reported proposal to hike GST on gold jewellery to 5 per cent from 3 per cent will be a setback to the rebounding jewellery industry in India. We expect Gold prices to remain weak till it crosses the level of 47700 in MCX," said Ravi Singh, Vice President & Head of Research, ShareIndia.  
 
Technical Indicators

Sriram Iyer, Senior Research Analyst at Reliance Securities  

International gold prices ended near three-week lows on Wednesday as robust US economic data lifted the dollar. Initial claims for state unemployment benefits tumbled 71,000 to a seasonally adjusted 199,000 for the week ended November 20, while US GDP increased at a 2.1% annualized rate slightly up from the 2.0% pace of expansion reported in October.  
On the inflation side of things, the core PCE price index, which is the Fed's preferred inflation measure, accelerated 4.1% in the 12 months through October after a 3.7% advance in September.  

However, gold continued to struggle this week on expectations that the Fed may begin to ramp up its tapering or bring rate hikes at a more rapid pace than previously anticipated.  

Domestic gold & silver ended flat to marginally higher, while Bullion Index ended flat to marginally lower on Wednesday. Trading could be lackluster as U.S is on a holiday for Thanksgiving. Domestic gold prices could start with small gains this Thursday morning, tracking a positive start in overseas prices.

Technically, if MCX Gold February continues to remain below 47,800 level, it will continue its negative trend up to 47650-47500 levels. Resistance is at 48000-48100 levels.
Domestic silver prices could start small gains this Thursday morning, tracking firm overseas futures prices. Technically, if MCX Silver March continues to remain below 64000 level, it could witness a Bearish momentum up to 63200-62700 levels. Resistance is at 64200-65300 levels.

Amit khare, AVP- Research Commodities, Ganganagar Commodity Limited

We are seeing profit booking in Bullions since las 5-6 trading sessions, Now the current levels are the best prices for short term investors, As per technical chart overall structure of Gold and Silver are looking positive, Momentum indicator RSI also indicating the same in hourly chart and trading at oversold zone, So short term investors are advised to create fresh longs for in small dips near given support levels, traders should focus important technical levels given below for the day:  

December Gold closing price 47438, Support 1 - 47200, Support 2 - 46900, Resistance 1 - 47670, Resistance 2 - 48000.  

December Silver closing price 62635, Support 1 - 62200, Support 2 - 61700, Resistance 1 - 63000, Resistance 2 - 63520.

Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research
Gold and silver held steady after FOMC minutes and most of the Federal Reserve officials are not in hurry to raise interest rates. Inflation will subside significantly in 2022, believes the committee members. Lockdown in Germany will also support safe haven buying in precious metals.  

We expect gold could cross $1800 levels once again. Gold has support at $1772-1758 per troy ounce and resistance at $1796-1810 per troy ounce. Silver has support at $23.20-22.94 per troy ounce and resistance at $23.80-24.10 per troy ounce. At mcx, gold support is at 47250-47100 and resistance at 47660-47850.  Silver has support at 62220-61900 and resistance at 63100-63660. We suggest buying gold around 47400 with a stop loss of 47180 for the target of 47800 and silver around 62500 with a stop loss of 61900 for the target of 63600.

Ravi Singh, Vice President & Head of Research, ShareIndia
Buy Zone Above - 47700 for the target of 48000
Sell Zone Below - 47300 for the target of 47000

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)