Gold Price Today: Yellow metal trades near 46,000; buy on dips, suggest experts

India Gold October futures were trading flat-to-lower on Tuesday despite positive trend seen in the international spot prices. Experts recommended investors to buy the dip for a target of 46,300, and a stop loss can be placed at 45,720, they said.

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On the Multi-Commodity Exchange (MCX), October gold contracts were trading 0.15 percent lower at Rs 46,000 per 10 grams at 0930 hours. September silver futures were trading 0.24 percent lower at Rs 60,490 a kilogram.

Gold and silver traded steady on Monday in the international markets and both the precious metals settled on a slightly positive note.

Gold December futures contract settled at $1752.00 per troy ounce and silver December futures contract settled at $22.69 per troy ounce. Both the precious metals were also settled on a positive note in the domestic markets.

Gold and silver rebounded on Monday amid short-covering and some safe-haven buying ahead of the voting on the U.S. government spending bill later this week.

“Market has some anxiety about the passage of U.S. President Biden’s infrastructure spending bill from the House later this week and supporting safe-haven buying in precious metals,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“Gold and silver were also supported due to power shortages in European countries and China and affecting manufacturing activities. Despite a stable dollar index both the precious metals gained on Monday,” he said.

“We expect both the precious metals to remain volatile in today’s session and gold is expected to hold $1740 per troy ounce levels. At MCX, Gold has support at 45900-45660 and resistance at 46300-46550; silver is having support at 60100-59800 and resistance at 61100-61600 levels,” recommends Jain.

He suggests buying gold on dips around 45900 with a stop loss of 45720 for the target of 46300.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold spot & COMEX futures ended flat on Monday. However, gains were curbed by a stronger dollar and an uptick in U.S. Treasury yields.

International silver spot & COMEX futures ended in the green on Monday. Domestic gold and silver prices ended with gains on Monday.

The bullion Index ended in the green on Monday. Domestic gold prices could start flat this Tuesday morning, tracking overseas prices.

Technically, MCX Gold December above 46000 could see an upside momentum up to 46300-46700 levels. Support is at 45800-45700 levels.
International silver prices have started flat this Tuesday morning in Asian trade. Technically, LBMA Silver above $22.50 level could see sideways to marginal upside momentum up to $22.80-$23.30 levels. Support is at $22.30-$22.00 levels.

Domestic silver prices could start flat this Tuesday morning, tracking overseas prices. Technically, MCX Silver December above 60300 level could see 60900-61800 levels. Support is at 59500-58700 levels.

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

COMEX gold trades little changed near $1753/oz after a flat close in the previous session. Gold is range-bound as support from global growth worries and rising inflation concerns amid the energy crisis is countered by firmness in the US dollar and increased expectations of monetary tightening by the Fed and other central banks.

ETF outflows also show weaker investor interest. Gold may remain choppy as safe-haven buying will be offset by Fed's rate hike expectations

Expert: Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

Traders are advised to create fresh long positions in Gold and Silver in small dips, traders should focus on important technical levels given below for the day:

October Gold closing price 46069, Support 1 - 45850, Support 2 - 45700, Resistance 1 - 46250, Resistance 2 - 46500.

December Silver closing price 60634, Support 1 - 60000, Support 2 - 59300,
Resistance 1 - 61200, Resistance 2 - 61700.

Expert: Sandeep Matta, Founder TRADEIT Investment Advisor

Gold prices remained mostly steady with some early signs of short-covering by traders however the near-term trend is still bearish. The US Federal Reserve will continue to remain in focus which has contained any big move in the precious metal due to its updated commentating on tapering.

Gold prices are under pressure due to bond yields which is trading at three months higher and robust dollar. Gold on MCX has also closed mostly unchanged and is expected to remain rangebound until it crosses and sustains above $1791/oz in US market.
   
Key level for GOLD AUG Contract – 46064
Buy Zone Above – 46090 for the target of 46200-46337
Sell Zone Below – 46050 for the target of 45900-45765

(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.)