Gold Price crosses Rs 47,000 mark after a week, Silver falls
Gold price has crossed over Rs 47,000 and Silver price falls down to Rs 63,203. Is it the right time to buy?
On Monday, gold price in India crossed Rs 47,000-mark. Last week, the yellow metal had touched the five-month low last week. "On the Multi-Commodity Exchange (MCX), October gold contracts price jumped by 0.14% to Rs 47,006 for 10 grams at 0920 hours on August 16. On Monday, Silver was in the red zone. The precious metal September future price dropped by 0.06% to Rs 63,203 on August 16", reported by News18.
"Spot gold was flat at $1,779.51 per ounce by 0100 GMT, having earlier hit a high since Aug.6 at $1,780.82. US gold futures were up 0.2% to $1,781.20. Silver fell 0.2% to $23.69 per ounce", according to Reuters.
ICICI Direct shared, "Gold prices recovered strongly in the last few sessions underpinned by fears over rising Covid-19 cases along with softened concerns about the Fed’s urgency to pull back on monetary stimulus. Therefore, we expect gold prices to remain positive towards Rs 47,300 level in the short-term."
NS Ramaswamy, Head of Commodities, Ventura Securities Ltd. said, "Gold is right now weak, gaining support and hovering near lows. It’s still range bound, but not breached the lows. It’s a wait and watch to see if it breaks the support of Rs 45,000 for 10 gram levels or continues the momentary upside to Rs 47,500 for 10 gram. Same correlated as $1720 per ounce which could bring it down to $1580 per ounce or on the higher side beyond $1845 per ounce for an investment recommendation."
Amit Khare, AVP- research commodities, Ganganagar Commodities Limited stated, "We saw s short covering rally in gold and silver since last two trading sessions. But we can again see some following down movement in bullions as per current technical chart, Momentum indicator RSI also indicating the same on daily chart, So traders are advised to book their longs and can create some short positions in Gold and Silver near given resistance levels, traders should also focus important technical levels given below for the day : August Gold closing price Rs 46,940, Support 1 - Rs 46,750, Support 2 - Rs 46,500, Resistance 1 - Rs 47,100, Resistance 2 - Rs 47,260. September silver closing price 63238, Support 1 - Rs 62,350, Support 2 - Rs 61,500, Resistance 1 - Rs 63,700, Resistance 2 - Rs 64,125."
