Gold price today, 11 May 2021: Gold trades flat, follows international trends; check intraday strategies

Within the earlier session, gold costs hit a 3 month excessive because the yellow metallic acquired assist from slumping US greenback index that hit 2.5 month low.

Gold Value At present, Gold Value Outlook, Gold Value Forecast: Gold costs in India had been buying and selling flat with a unfavorable bias on Tuesday, following worldwide charges as a retreat in US Treasury yields countered a slight rebound within the greenback. On MCX, gold June futures had been buying and selling Rs 24 down at Rs 47,927 per 10 gram, as in opposition to the earlier shut of Rs 47,951. Silver July futures had been ruling at Rs 71,373 per kg, down Rs 171 or 0.24 per cent on Multi Commodity Change. Within the earlier session, gold costs hit a three-month excessive because the yellow metallic acquired assist from the slumping US greenback index that hit 2.5 month low yesterday. “Hedge funds have lowered their bearish bets as gold costs are buying and selling comfortably above $1800 however now the costs have remained regular and unable to maneuver above its vital 200 day shifting common round $1872,” Bhavik Patel, Senior Technical Analysis Analyst, Tradebulls Securities, advised Monetary Categorical On-line.

Bodily gold demand in India dived final week as retailers had been shut and other people turned cautious as a result of surging coronavirus infections the world over’s second-largest bullion client. On the technical charts, MCX gold has resistance round Rs 48,500 and Rs 49,200 the place 200 day shifting common is. “Momentum oscillator RSI_14 continues to be at 62 indicating costs aren’t in overbought state and there’s room on the upside. The Rs 46,500 is the fast assist as costs have taken assist twice briefly interval round that degree. We consider gold will commerce in vary of Rs 47,000- Rs 48,500 this week,” Patel added.

Analysts mentioned that the markets had been nonetheless reverberating from the shocking US jobs report for April which noticed decrease than anticipated numbers and placing chilly water on the notion that US Fed could also be compelled to extend rates of interest. Final 12 months in August, MCX gold touched a document excessive of Rs 56,191 per 10 grams.

Globally, spot gold was regular at $1,836.26 per ounce, after hitting its highest since February 11, 2021, at $1,842.91 on Friday. US gold futures had been down 0.1 per cent at $1,836.40 per ounce. The greenback index was up 0.1 per cent, making gold dearer for different foreign money holders, in response to Reuters. Benchmark US 10-year Treasury yields had been pinned beneath 1.6 per cent.

On the technical charts, costs are forming the Greater-Excessive sample on day by day chart. “We count on the MCX Gold June costs to commerce constructive for intraday,” mentioned NS Ramaswamy, Head of Commodities, Ventura Securities. He added that the RSI indicator additionally suggests the power within the momentum on the upper facet. Any dip within the costs can be utilized as a shopping for alternative for intraday. On the draw back, key assist degree is seen at Rs 47,500 degree for intraday. “If gold costs handle to interrupt above the Rs 48,150 in at the moment’s session, costs are prone to head in the direction of Rs 48,500,” he added.

For MCX silver, Ramaswamy mentioned that any dip within the costs could be utilised as a shopping for alternative for intraday. “On the draw back, the important thing assist degree is seen at Rs 70,800. As soon as the costs begin buying and selling above the Rs 72,000 on hourly chart, we might even see costs heading in the direction of Rs 73,000 for intraday,” he added

(The views on this story are expressed by the respective specialists of analysis and brokerage agency. Monetary Categorical On-line doesn’t bear any accountability for his or her recommendation. Please seek the advice of your funding advisor earlier than investing.)