![MCX Gold to Trade Sideways: Support at Rs 50300 [29-Aug-2022]](https://www.goldsilverreports.com/wp-content/uploads/2021/03/jewellers-shop-14032021.webp)
MCX Gold Price Forecast: Commodity prices traded mixed with bullion prices declined for the week witnessing selling in the second half of the week. Base metals ended in green on tight supplies and China stimulus hopes. Crude oil prices traded higher gaining on lower supplies and expectation of OPEC output cut.
Gold prices traded lower with spot gold prices at COMEX ended over half a percent down at $1738 per ounce for the week. Gold October futures at MCX fell by 0.47% to Rs. 51238 per 10 gram despite a weaker rupee. The spot rupee fell by 0.11% to 79.87 against the dollar for the week. Gold ETFs continued outflows as holdings at SPDR Gold Shares declined to 984 tonnes from previous week’s 989 tonnes. The CFTC data showed that money managers have decreased their net long positions in gold by 15910 lots in the last week.
Silver prices traded lower with spot silver prices at COMEX fell by 0.79% to $18.90 per ounce for the week. MCX Silver September futures declined by 1.29% to Rs. 54780 per KG for the week. Silver prices traded down on demand worries over China economic growth and stronger dollar. The CFTC data showed that money managers have decreased their long positions in silver by 9868 lots in the last week.
Bullion prices witnessed selling during the week with gold prices falling to a one-month low on following hawkish signals from the U.S. Federal Reserve and stronger dollar. Fed Chair Jerome Powell dismissed any notion of a dovish tilt and warned that U.S. consumers and businesses would have to contend with higher interest rates as inflation rises. The dollar index rallied above 109 by Monday morning adding pressure to the precious metals. The inflation worries and rising energy costs may support bullion prices to limit downside this week while the trading range can be narrow after the initial round of selling.
We expect gold prices to trade sideways to down this week with COMEX spot gold resistance at $1760 per ounce and support at $1710 per ounce. At MCX, Gold October prices have near term resistance at Rs. 51600 per 10 grams and support at Rs. 50300 per 10 gram. COMEX Spot silver has near term resistance at $19.40 per ounce with support at $18.10 per ounce. MCX Silver December has important resistance at Rs. 56900 per KG and support at Rs. 53700 per KG.
Source: GoldSilverReports
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