As spot gold and MCX gold continue to exhibit strong bullish overtones, bolstered by an advantageous mix of technical strength and global macro trends, gold prices are about to reach a crucial phase. MCX Gold has shown strong price movement domestically, with buyers taking action close to significant short-term averages.
The weak US dollar, falling US Treasury yields, and rising anticipation of further rate cuts later this year continue to support spot gold globally. The Bank of Japan’s monetary policy decision and significant US economic data are just two of the major international events that will likely cause gold prices to stay volatile but inclined upward.
MCX Gold Prediction Today
“On the technical front, MCX gold witnessed very strong price action in yesterday’s session. Prices declined in the initial hour of trade; however, strong support near the 10 DEMA triggered a sharp pullback, with the session closing on a bullish candlestick. The broader as well as the immediate trend continues to remain positive, with no signs of major weakness on the charts. Immediate support is placed at 151,175, while resistance is seen in the 158,475-164,000 zone. Traders can consider buying MCX gold for a target of 158,475-164,000, with any sustained weakness below 151,175 to be treated as a stop-loss,” commented Abhishek M Pelu – Research Analyst at Way2Wealth Brokers.
“MCX Gold Feb is expected to rise towards ₹158,500-₹159,000 level as long as it stays above ₹153,000 level,” stated the research analysts of ICICI Securities.
Spot Gold Prediction Today
“Spot Gold is likely to trade with positive bias and rise towards $5000 level on weak dollar and softening of US treasury yields. Further, prices may move up on expectation of 2 more rate cut this year. Additionally, demand for precious metal may be seen amid fiscal concerns and uncertainty still linger as European lawmakers halted approval of the EU-US trade agreement reached in July,” commented the research analysts of ICICI Securities.
“Moreover, concern over Fed independence and strong central bank buying would be supportive for the prices. The National Bank of Poland approved a plan to buy as much as 150 tons of gold. Increasing country’s holdings to 700 tons. Meanwhile, all eyes will be on Bank of Japan monetary policy meeting and economic data from US,” they further added.
Gold & Silver Fundamental Outlook Today
“Gold and silver prices are trading higher today on the international bourses. We expect precious metals prices on Indian bourses to trade range-bound to higher for the day; as gold prices rose to an all-time high near $5,000 an ounce, with geopolitical risks and renewed threats to the Federal Reserve’s independence supporting a record-breaking rally. Silver briefly touched and hold above $ 99 per ounce for the first time,” recommended the research analysts of Nirmal Bang Securities.
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