Gold falls on US-China deal hopes; experts advise MCX.June10
Today’s gold price: Because of changes in the dollar index and geopolitical tensions, gold and silver prices are predicted to stay unstable this week. Support and resistance levels for both metals in USD and INR are provided by analysts.
Today’s gold price: On Tuesday morning, as hopes for a possible US-China trade agreement grew, gold prices fell in the local futures market. Around 9:20 AM,MCX Gold August 5 contracts were up 0.72 percent at ₹96,475 per 10 grams.
On Tuesday, senior US and Chinese officials will resume their second day of trade talks in London.
“US President Donald Trump said his administration was doing well in the negotiations and noted positive reports from the talks,”according to Reuters.
The US inflation data, which is coming on Wednesday, is now the focus of investors’ attention as it will affect their expectations on the US Federal Reserve’s interest rate trajectory.
According to Aksha Kamboj,Vice President of the India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures,”market participants are closely monitoring the ongoing US-China trade negotiations taking place in London, alongside key inflation data set to be released this week in both India and the US.”
“The US’s long-term bond auction is scheduled for this Thursday;a poor showing could lead to a resurgence of demand in gold at lower price points. Despite growing geopolitical tensions between Russia and Ukraine,trade negotiations continue to be the dominant factor influencing market sentiment for the time being, according to Kamboj.
The MCX Gold strategy of experts : In light of global tensions,the dollar index’s volatility,and the US inflation report,Manoj Kumar Jain of Prithvifinmart Commodity Research predicts that gold and silver prices will continue to fluctuate this week.
According to Jain,silver has support at $36.50-36.15 and resistance at $37.00-37.40 per troy ounce in today session,while gold has support at $3,330-3,310 and resistance at $3,374-3,400 per troy ounce.
According to Jain,MCX Gold has resistance at ₹97,700-98,200 and support at ₹96,600-96,180,while silver has resistance at ₹1,08,000-1,09,400 and support at ₹1,06,000-1,04,800.
“We suggest buying silver around ₹1,06,500-1,06,000 with a stop loss of ₹1,04,800 for the target of ₹1,07,700-1,08,500,”Jain stated.
Mehta Equities vice president of commodities,Rahul Kalantri, stated that gold has resistance at $3,325-3,340 and support at $3,280-3,265. Support for silver is between $36.10 and $35.80,while resistance is between $36.75 and 36.95.
Kalantri observes that gold has resistance at ₹97,350-97,640 and support at ₹96,720-96,390 in INR. The resistance for silver is around ₹1,08,750-1,09,650, while the support is at ₹1,06,160-1,05,250.
Disclaimer: The sole intention of this story is education. The opinions and suggestions expressed above are not those of bharatbulletin24x7.com,but rather those of individual analysts or broking firms. Since situations can change and market conditions can change quickly,we suggest clients to consult with qualified specialists before making any investment decisions.
