Gold price today: Yellow metal shines amid experts' 'bullish' tag — should you buy?2 min read . Updated: 06 May 2021, 11:43 AM IST
- Gold price in the international market is oscillating in $30 range of $1,770 to $1,800, say experts
Gold price today at the Multi Commodity Exchange (MCX) opened ₹120 higher from its yesterday closing and hit ₹47,120 per 10 gm. The yellow metal had managed to close on the higher side yesterday too but these shines in the yellow metal is still not enough to pare the gap of near ₹9,000 between the current gold price and its all-time high of ₹56,191.
According to commodity experts, gold price in the international market is facing resistance at $1,800 to $1,805 per ounce levels and it has immediate support at $1,770 levels. They said that in the recent few trade sessions, gold price in the international market is oscillating in this $30 range of $1,770 to $1,800. Bullish or bearish trend in the gold price in immediate short-term can be decided on breakage of the either side of the range. However, they maintained that overall trend for gold price is bullish and any 3-4 per cent dip in the precious metal price should be seen as a buying opportunity.
Speaking on the gold price outlook Anuj Gupta, Vice President — Commodity & Currency Trade at IIFL Securities said, "It will take time for the gold price to scale around its all-time high of ₹56,191 at MCX. Currently, gold price in the international market is range-bound as it is oscillating in $1,770 to $1,800 per ounce levels. It has touched near $1,800 per ounce levels twice but failed to break the current resistance at around $1,800 to $1,805 mark."
Elaborating upon his gold price forecast in terms of MCX Anuj Gupta of IIFL Securities said, "Gold price in the domestic market has immediate support at ₹46,700 while it has resistance at ₹47,500 per 10 gm levels. But, this is for the immediate short-term range. Overall the gold price outlook is positive. Any dip in the gold price should be seen as buying opportunity and one should avoid selling on rise as breakage of $1,800 resistance in the international market will lead to the next target of $1,820 per ounce that means at MCX we can see gold price hitting ₹48,000 per 10 gm levels."
Advising gold investors to remain cautious about the current gold price range in the international market Amit Sajeja, Vice President — Research at Motilal Oswal said, "Gold price in the international market has strong support in $1,735 to $1,750 range and it may go up to this range if the current support at $1,770 to $1,760 per ounce is broken. But, this dip should be seen as buying opportunity and one should accumulate on every 3-4 per cent dip in the gold price."
Sajeja said that gold price at MCX has strong support at ₹46,550 to ₹46,600 but on the breakage of this support it may go up to ₹45,500 per 10 gm levels. He advised gold investors to keep accumulating on every dip as overall trend for the gold price is 'bullish.'
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