Gold Price Today, 29 June 2021: Gold remains below Rs 47,000 on weak global cues; short-term trend sideways

Short-term momentum in gold will remain sideways until the release of US NFP data on Friday, said an analyst. (Image- Reuters)

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices were trading weak in India on Tuesday, as yellow metal in the global market eased on a firmer dollar. On Multi Commodity Exchange, gold August futures were trading Rs 76 or 0.16 per cent down at Rs 46,932 per 10 gram, as against the last close of Rs 47,008. Silver futures were ruling at Rs 68,937 per kg, down Rs 305 or 0.44 per cent, as compared to a previous close of Rs 69,233. Globally, spot gold was down 0.2 per cent at $1,775.42 per ounce. US gold futures fell 0.2 per cent to $1,776.40. The dollar index strengthened 0.1 per cent against rivals. Gold is seen as a hedge against inflation, though a rate hike by the Fed will increase the opportunity cost of holding bullion and dull its appeal, according to Reuters.

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

MCX Gold prices couldn’t sustain after hitting a high of 47118 levels yesterday. The counter has opened with a negative bias today and intraday weakness below 46800 will extend the losses towards 46633/46450 areas. Prices need to recover and trade above 47030 levels to see a retest of 47150/47300 levels. Short-term momentum in gold will remain sideways until the release of US NFP data on Friday. The closely watched NFP data could point to strong labour demand and fresh hints on the economy and the Fed’s next policy move. If the data comes short of expectations we may see MCX GOLD moving higher towards 48100 zone, with 46150 being the crucial support.

Bhavik Patel, Senior Technical Research Analyst at Tradebulls Securities

Gold prices appear to be consolidating and forming base around Rs.46800-46700. Although technically, trend is under pressure as on daily scale, prices are under 20, 50 and 200 exponential moving average. Much of the recent action in gold which has been lackluster, can be attributed to the sharp up moves in U.S. equities, coupled with the lower volume indicating shifting interest from participants in equities from gold. We are closely keeping an eye on the U.S. dollar, U.S. Treasury yields, and the U.S. macro data as they are the key drivers for gold. Gold’s next resistance level in COMEX is around $1,818 and then $1,833, while support is at $1,775 and $1755. In MCX, gold has support around 46600 and resistance at 47400 and 48000. The big event this week will be the U.S. nonfarm payrolls report scheduled to be released on Friday. What makes June US labour report key focus this week is with economy continuing to boom and inflation pressure looking set to remain at elevated for longer than initially thought, the main disappointment is the slower than hoped for recovery in jobs. So market would be looking for better than expected US labour data. Till then we don’t expect any major movement in Gold and expected to remain sideways.

NS Ramaswamy, Head of Commodities, Ventura Securities

We expect the MCX Gold Aug prices to trade with a negative bias. Immediate strong support is seen at 46,600 level. Breaking below this level, prices are likely to head lower towards 46,000 level. The RSI indicator on daily chart is also trading in a bearish zone which may drag prices even lower in the coming sessions. On the Comex front, Gold prices are facing resistance at $1800/ounce. As long as prices trade below this level, we may see prices consolidating on the lower side. MCX SILVER Jul prices are also likely to trade with negative bias. The key resistance for the prices is seen at 100 EMA level on daily chart which is now placed near 69,800 level. As long as prices trade below this level on closing basis, we may see prices heading lower below 68,000 level. On the Comex Front, Key resistance for silver prices is seen at $26.50/ounce on closing basis. As long as prices trade below this level, we may see prices consolidating on the lower side.

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