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Gold prices today are below Rs 48,000. Should you invest now?Know the expert view

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  • Gold prices today are below Rs 48,000. Should you invest now?Know the expert view
    2021-07-19, By: System Administrator

    India's gold prices witnessed a sharp fall on Monday. On the Multi-Commodity Exchange (MCX), gold contracts in August fell 0.03% to Rs 47,909 at 10 grams in 1235 hours.

    "Gold"s fair value has determined about 1800 levels as yellow metal is struggling to break through the $ 1835 level due to the lack of new fundamental news, the rising US dollar and the looming threat of delta variants. The strong recovery in the global stock market has also weakened the position of a safe haven for gold. The US dollar will be a major driver of gold prices in the coming days and the dollar will rise further. Will have a negative impact on a safe paradise, "said Sandeep Matta, founder of TRADEIT Investment Advisors.

    "In our view, the MCX's gold price also plummeted on Friday, closing at around 48,000 levels. The gold outlook is currently neutral until it remains above the 48500 level. Long-term investors are advised again to wait for some modifications to make new entries while day traders need to be proactive in earning small profits on both sides.

    Gold August Contract Key Level – Rs 48,139. Buy the above zones – Rs48,150 against Rs48,250-48,408 targets. Sell ??the following zones – 48,150 rupees against a target of 47,925-47,837 rupees, "he added.


    "Federal Reserve Chairman Jerome Powell's testimony to the Senate on Thursday did not provide new insights following his remarks and prepared texts on Wednesday when he was easily inclined to monetary policy. Powell said the Fed is still a long way from shrinking its bond-buying program (quantitative easing). He also said that the U.S. central bank said the rise in inflation was only temporary. Many believe Powell and the Fed are at the forefront of inflation and behind the curve, said Amit Carre, AVP of Research Commodities at Ganganagar Comodity Limited. I will.

    "Gold and silver seem weak to the technical momentum indicator RSI showing the same. Traders are encouraged to create short positions in gold and silver. Traders are important for the day. Technical levels should also be focused on: August Gold closing price 48,053, Support 1-Rs 47,800, Support 2-Rs 47,600, Resistance 1-Rs 48,300, Resistance 2-Rs 48,510. September Silver closing price 68,319 , Support 1-Rs 67,300, Support 2-Rs 66,300, Resistance 1-Rs 69,400, Resistance 2-Rs 70,000, "added Khare.

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