MCX GOLD CMP 48300 SILVER CMP 73200 Sell On Rise [Gold Silver HoneyMoon Over]
Spot Gold Silver Price Analysis And Forecast
Gold Spot: Gold Sell Below $1890 Sell, Big Down Fall Below $1828 My Final Target 1732.
Silver Spot: Silver Sell Below $28.40 Sell Target Zone $26.80——25.10 My Final Target $24.15
MCX Gold Silver Price Analysis And Forecast
Gold MCX: Gold Sell Below 48500 Target Price 47300——46620——45740
Silver MCX: Silver Sell Below 74534 Target Price 70540——67524 ——65880
Gold (Yellow Metal) climbed to the highest level since late January, around the $1.875 heading into the North-American session, albeit lacked any follow-through buying. This marked the fourth consecutive session of a positive move and was exclusively sponsored by the heavily offered tone surrounding the US dollar. Investors now seem convinced that the Fed will keep interest rates low for a longer period. This was seen as a key factor that dragged the key USD Index to four-month lows and benefitted the dollar-denominated commodity.
However, a combination of factor held bullish traders from placing aggressive bets and kept a lid on any further gains for gold. A generally positive tone around the equity markets acted as a headwind for the traditional safe-haven Gold (Yellow Metal). Apart from this, a modest uptick in the US Treasury bond yields further collaborated towards capping gains for the non-yielding yellow metal amid slightly overbought conditions on short-term charts.
That said, the overnight sustained breakthrough the very important 200-day SMA supports prospects for an extension of the recent strong positive move witnessed over the past one-and-half-month or so. Hence, any meaningful pullback might still be seen as a buying opportunity and remain limited ahead of Wednesday’s release of the latest FOMC monetary policy meeting minutes.
Update: Gold price has entered a phase of upside consolidation, having faced rejection once again above $1890. The gold price looks unimpressed by the latest leg down in the US dollar, amid dovish Fed expectations. The US Treasury yields, however, hold onto the recent recovery gains, which limits the further upside in the yield-less gold.
The optimism around the economic reopening in the Euroarea lifts the marketmood, collaborating with the stalled rally in gold prices. Markets now await the US housing data and the sentiment on Wall Street for fresh impetus on gold. At the time of writing, gold price trades at $1868, up 0.10% on the day, having refreshed three-month highs at $1874 earlier in the Asian session.
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