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Gold Forecast: Buy on Dips

Share Written By
Rahul Gupta

Head Of Currency Research

05 Jul 2021

Looking at the following charts, the gold price seems to have gathered enough momentum to reverse the direction. But the focus will be on this Wednesday’s FOMC June meeting minutes. If the minutes show that the Fed policymakers have made a hawkish shift in the policy outlook, then the dollar will accelerate again. Only a dovish surprise, will weigh on USD, and support the rebound in gold prices. SPOT GOLD WEEKLY CHART (CMP 1790): Spot Gold prices are expected to witness a dip before an upward rally in the medium term. Strong bottom-to-bottom trend line support is observed at the 1740 mark from where we can expect a reversal to find resistance at 1825 and sustenance above 1825 will open doors for 1880-1915 levels. However, consistent trading below 1740 will lead to finding the next support at 1710-1680.

MCX GOLD WEEKLY CHART (CMP 47350): As seen in the weekly chart, MCX GOLD crucial support zones are located at 46300-46100 and 45200-45000 (strong bottom-to-bottom trend line as well as around 100 days exponential moving average support zone). There is a chance of gold to make a reversal from 45000 to move in northward direction thereafter towards 48200-49650. Sustenance above 49650 will lead to further upside in the yellow metal. However, if prices consistently trade below 45000 then only we can expect further downfall in gold.


Spot Gold buy on a dip in the range of 1750-1730 SL below 1670 Target 1880-1915MCX Gold buy on a dip in the range of 46300-46100 SL below 44950 Target 48200-48650