Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading flat on Thursday as global rates remained steady. On Multi Commodity Exchange, gold October futures were trading Rs 14 down at Rs 47,054 per 10 grams, as against the previous close of Rs 47,068. Silver December futures were ruling at Rs 63,768 per kg, down Rs 72. In the previous session, silver futures ended at Rs 63840. Globally, yellow metal prices held steady ahead of the US non-farm payrolls data that is crucial to the Federal Reserve’s tapering plan, even as a private payrolls report missed expectations, according to Reuters. Spot gold was steady at $1,814.54 per ounce, while US gold futures were little changed at $1,817.20.
Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers
MCX gold October future may stay in a tight range as traders are keenly focusing on Friday’s U.S. nonfarm payrolls data as it is expected to help shape the Fed’s stance on monetary policy particularly after private forecaster ADP has disappointed the street. Meanwhile, the investment demand has fallen continuously in the last month. Today MCX Gold October futures may stay in a range from Rs 46,900 to 47,200 amid release of economic data from the US like factory orders for July and weekly jobless claims.
Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities
COMEX gold trades little changed near $1815/oz after a 0.1% decline yesterday. Gold is range bound amid continuing debate over Fed’s monetary policy. Also support from virus concerns, mixed economic data from major economies and tensions in Afghanistan is countered by continuing ETF outflows and general positive trend in equities. Gold may remain volatile amid Fed uncertainty but global growth and inflation concerns may continue to support.
Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities
Gold pricing has remained fairly stable and continues to trade above $1800 per ounce. The clear break in gold occurred on Friday after Federal Reserve Chairman Jerome Powell spoke at the virtual Economic Symposium. Currently gold continues to be in range ahead of August jobs number tomorrow. Yesterday weekly jobs data came weaker than expected which helped gold prices to recover as before that gold prices were under pressure because of higher than expected ISM manufacturing number. Tomorrow if jobs’ numbers disappoint then we could see gold breaking above $1830. Previously gold was not able to breach $1800 and now it is $1830. Gold has support around 46800-46750 and resistance at 47600-47700. In MCX also it is trading in this given range and we may know a clear picture tomorrow after jobs data.
NS Ramaswamy, Head of Commodities, Ventura Securities
Today, we expect the MCX Gold Oct prices to trade sideways. Prices have not been able to break the key resistance of 100 EMA on the daily chart on a closing basis which is placed near 47,500 mark. Also on the downside, prices are not breaking below 46,800 mark from the last few trading sessions. Breakout on either side may start a new leg of the move for MCX GOLD prices. On an hourly chart, if prices manage to sustain above 47,400 mark on hourly closing basis then we may see upside momentum for intraday.
On the Comex front, prices are struggling to sustain above $1800/ounce mark. Key resistance is at $1810/ounce on a closing basis. On the downside, key support is seen at $1770/ounce level.
MCX SILVER Sep prices are also likely to trade sideways for intraday. On hourly chart, prices need to sustain above the 64,300 mark on an hourly closing basis. We may expect prices heading towards 65,500 level after this breakout.
On the Comex Front, immediate resistance is at $24.50/ounce. Breaking above this level, prices may head higher towards $25.00/ounce level.
Sandeep Matta, Founder, TRADEIT Investment Advisor
The lackluster movement in gold continues and somehow manages to trade above the key momentum indicators. The market participants are eyeing on employment data to be released on Friday which is expected to come lower than expected. Lower employment data could have bullish undertones for gold and bearish for dollar and precious metal may find a new catalyst to break its key resistance zone of $1835-$1845/oz. Gold on MCX also traded in the tight range both the side and closed mostly unchanged. Equity markets are making new highs on daily basis and getting more traction than the safe haven. The outlook for the gold is expected to be range bound during the day and will offer opportunities for the traders on both sides.
Key level for GOLD AUG Contract – 47108
Buy Zone Above – 47115 for the target of 47236-47404
Sell Zone Below – 47090 for the target of 46960-46812
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