Gold Rate Today, Gold Price on 20 October 2021: MCX gold to trade sideways, may fall to Rs 47,000; check support, resistance - Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold Rate Today, Gold Price on 20 October 2021: MCX gold to trade sideways, may fall to Rs 47,000; check support, resistance – Gold Price Forecast, Gold Price Outlook | The Financial Express

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading higher on Wednesday, even as yellow metal fell in the global markets. On Multi Commodity Exchange, gold December futures were trading Rs 117 or 0.25 per cent up at Rs 47,397 per 10 gram, as against the previous close of Rs 47,280. Silver December futures were ruling flat at Rs 64,505 per kg. Globally, yellow metal edged lower as surging US bond yields dented the metal’s appeal and bets for upbeat corporate earnings lifted risk-on sentiment, according to Reuters. Spot gold dropped 0.1% to $1,767.71 per ounce. The metal rose as much as 1.2% on Tuesday before giving up most of those gains as Treasury yields rallied. U.S. gold futures fell 0.1% to $1,768.40.

Tapan Patel, Senior Analyst Commodities, HDFC Securities

Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading firm near $1774 per ounce in the morning trade. Gold prices traded higher limiting gains with rise in US bond yields. Gold prices fluctuated on speculation ahead of comments from FED officials with possibility of sooner FED tapering. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1760 and resistance at $1790 per ounce. MCX Gold December support lies at Rs. 47000 and resistance at Rs. 47600 per 10 gram.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers

Today, MCX Gold December futures may decline to Rs. 47,100 per 10 gram, as the US dollar is expected to rise after Federal Reserve Gov. Christopher Waller, said that the central bank should begin tapering its monthly purchases of $120 billion in Treasury and mortgage-related assets next month, affirming market expectations for a reduction in programs that were launched during the height of the pandemic but were viewed as no longer needed. A weak undertone in the base metals could put an additional pressure on silver as December silver may fall to Rs. 64,100 per kg.

Ravi Singh, VP – Head of Research, Share India Securities

Gold MCX traded in a range bound zone yesterday taking cues from the global market. However, the volatility was higher due to the movement in the US dollar. We expect gold to trade sideways to up in the coming week. In MCX, Gold has a support at 46900 and resistance at 47650.

Buy Zone Above – 47300 for the target of 47650
Sell Zone Below – 46900 for the target of 46600

Amit Khare, AVP – Research Commodities, Ganganagar Commodity

Yesterday we saw some safe-haven buying in bullion at lower levels, especially in silver. Overall technical charts of gold and silver are strong. The momentum indicator RSI also indicates the same, which means more upside potential for bullion. So traders are advised to make fresh long positions in Gold and Silver in small dips, traders should focus on important technical levels given below for the day :

December Gold closing price 47280, Support 1 – 47150, Support 2 – 47000, Resistance 1 – 47400, Resistance 2 – 47650.

December Silver closing price 64450, Support 1 – 63500, Support 2 – 62600, Resistance 1 – 65000, Resistance 2 – 65500.

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

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