Gold Price outlook, correction, resistance and target—EXPLAINED! This is what Experts say about yellow metal in near to medium term
Amid profit booking, MCX June Futures ended the Friday's trading session at Rs 46610.00, down Rs 228.00 or -0.49% against its previous closing.
Amid profit booking, MCX June Futures ended the Friday's trading session at Rs 46610.00, down Rs 228.00 or -0.49% against its previous closing. MCX Gold started the day (Friday) at Rs 46,766.00 and attained daily high of 46,887. In the international market, gold gave a closing of $1744.20 per ounce (-0.64%), on Friday, April 9.
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Earlier on Thursday, yellow metal surged Rs 469 (1.01 per cent) and closed at Rs 46,831 per 10 gm at Multi Commodity Exchange (MCX).
Meanwhile as volatility continues in gold, experts remained bullish on yellow metal in the coming months.
"Gold price has broken the $1,750 per ounce hurdle in the international market and now if it manages to sustain above this level, then it will soon showcase $1,780 to $1,800 per ounce levels in next one to two months. At MCX, he expected Rs 48,000 per 10 gm gold price in the same one-to-two-month time period," said Anuj Gupta, Vice President, Commodities & Currencies at IIFL Securities.
CapitalVia Investment Advisor said that International Gold price is trading with weakness as US Treasury yields and the US dollar rebounded from the two weeks low.
CapitalVia is expecting a minor correction to take place against the current uptrend where Rs 46500 – Rs 46400 levels could be tested. Bullish momentum has been witnessed since the market tested the major support of Rs 44200 – Rs 44100 levels. The current trend in MCX Gold price is sideways to bearish, the Resistance for Gold MCX is Rs 46804 and 47002 while the support is at Rs 46378 and Rs 46492, said CapitalVia.
Talking about downward swing in the gold prices on MCX, Anuj Gupta, Vice President Commodity and Currency Research at IIFL Securities, attributed the correction to some profit booking. Gupta said that the outlook for Gold and Silver remained strong in the near to medium term and the bullion may see a further uptick. An upside up to USD 1800 is now open for Gold, the Gupta added.
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