Gold trades little changed as gains in US dollar is countered by choppiness in equities as market players position for Fed Chairman’s comments at the Jackson Hole Symposium

Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading flat on Thursday following global rates as investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s speech this week. On Multi Commodity Exchange, gold October futures were trading Rs 17 down at Rs 47,162 per 10 gram, as against the previous close of Rs 47,179. Silver September futures were ruling at Rs 63,201 per kg, down Rs 71. In the previous session, silver futures ended at Rs 63,272 per kg. Globally, Spot gold was flat at $1,790.63 per ounce. Prices fell 0.7% in the previous session, its biggest one-day decline in more than two weeks, according to Reuters. US gold futures rose 0.1% to $1,793.00.

Abhishek Chauhan, Head Commodities and Currency, Swastika Investmart

COMEX gold has strong resistance in the 1810-1830 area and we are seeing some weakness from this zone where 1775 is a critical support level; any major weakness is expected only below this level. Eying the US Fed Chairman Jarom Powell’s speech in the Jackson hole symposium tomorrow, Gold is trading sideways. Coming to MCX gold, it has a critical support zone in the 47025-46825 area and any move below this can lead to any meaningful correction where 46580 will be the next support. On the upside, 47300-47500 is an immediate supply zone whereas 47750 is a critical hurdle.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

COMEX gold trades little changed near $1790/oz after a 1% decline yesterday. Gold trades little changed as gains in US dollar is countered by choppiness in equities as market players position for Fed Chairman’s comments at the Jackson Hole Symposium. Support from virus risks, global growth worries and geopolitical tensions are countered by weaker investor interest. Gold may remain sideways ahead of Fed Chairman’s comments however global uncertainty may keep prices supported.

NS Ramaswamy, Head of Commodities, Ventura Securities

Today, we expect the MCX Gold Oct prices to trade sideways. After breaking above the 100 EMA level on daily chart, prices are again back below the same level and now hovering near the 20-day moving average. On hourly chart, prices need to sustain above the 47,400 mark on an hourly closing basis for further upside. On the downside, key support is seen at 47,000 level breaking below which we may expect prices to test the levels of 46,700 on intraday basis.

On the Comex front, prices are struggling to sustain above $1800/ounce mark. Key resistance is at $1810/ounce on 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 63,500 mark on hourly closing basis. We may expect prices heading towards 64,500 level after this breakout.

On the Comex Front, immediate resistance is at $24/ounce. Breaking above this level, prices may head higher towards $25.00/ounce level.

Sandeep Matta, Founder – TRADEIT, Investment Advisor

Gold prices seem in hibernation mode and operating comfortably within the range of $1770-$1810/oz. Market participants are keenly eyeing the upcoming economic symposium which could become the new catalyst for gold to surge. Gold on MCX also tanked and traded in deep stress throughout the day. The outlook is negative until it crosses and sustains above 47500 level. The momentum indicators are suggesting some more profit booking and market participants are advised to follow key pivotal levels.

Key level for GOLD AUG Contract – 47247
Buy Zone Above – 47250 for the target of 47414-47600
Sell Zone Below – 47240 for the target of 47012-46845

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