/financial-express-hindi/media/media_files/VWOH3tNxfLxZWM3yMrCn.jpg "Gold price today: What is the current support and resistance level in gold? What will be the trend in the coming days")
Gold Rates Today : A bullish trend was seen in the Indian bullion market today i.e. Wednesday, June 12. There was an increase in the prices of both gold and silver. But the question is, what is the current support and resistance level of gold and what kind of trend can be seen in the prices in the coming days? We will discuss all these questions later, but before that let’s take a look at the prices of Wednesday.According to HDFC Securities, the price of gold in Delhi on Wednesday rose by Rs 250 to Rs 72,200 per 10 grams, while in the previous trading session the price of gold closed at Rs 71,950 per 10 grams. Similarly, the price of silver also rose by Rs 800 to Rs 91,500 per kg, which was Rs 90,700 per kg in the previous trading session. According to Saumil Gandhi, senior analyst monitoring commodities at HDFC Securities, strong global trends are responsible for this rise.
international market situation
Talking about the international market, the spot gold rate in Comex was running around US $ 2,315 per ounce, which is $ 12 more than the previous closing price. Saumil Gandhi believes that the stability of the US dollar and the softening of the US Treasury yield are also the reasons for the rise in the price of gold on Wednesday. Silver prices in the international market also rose marginally to US $ 29.35 per ounce. Whereas in the previous trading session, the price of silver closed at $ 29.20 per ounce.
CPI figures may increase volatility
Jatin Trivedi, Vice President and Research Analyst (Commodity and Currency) of LKP Securities, says that the price of gold is currently between Rs 71,450 and Rs 71,500, as market players are still waiting for the release of the US Consumer Price Index (CPI) data. Along with this, their eyes are also fixed on the announcement about the monetary policy after the US Federal Reserve meeting. The impact of both these events can increase the volatility in gold prices.
What is the support and resistance level of gold?
According to Jatin Trivedi, the price of gold is currently getting support between Rs 70,500 and Rs 70,000 on the downside, while it is facing resistance around Rs 72,500 and Rs 73,000 on the upside. The direction in which the trend of gold price will move from here will largely depend on the data of the US Consumer Price Index (CPI) and the policy decisions of the US Federal Reserve. According to Trivedi, it is also possible that there may be a lot of movement in the price of gold between the support and resistance levels mentioned above.
Eyes on US inflation signals
JM Financial Services Vice President (EBG – Commodity and Currency Research) Pranav Mer also says that the commodity market is stuck in a broad range these days and is trading almost flat. He also feels that the traders’ eyes are currently fixed on the US Consumer Price Index (CPI) data and the results of the US Federal Reserve’s policy meeting. Although it is expected that the US Fed will not make any change in the interest rates, but everyone’s eyes are on their forward guidance regarding inflation. Mer believes that if any shocking information comes out in this matter, then the possibility of turmoil in the financial market cannot be ruled out.
/financial-express-hindi/media/media_files/VWOH3tNxfLxZWM3yMrCn.jpg&description=Gold%20price%20today%3A%20What%20is%20the%20current%20support%20and%20resistance%20level%20in%20gold%3F%20What%20will%20be%20the%20trend%20in%20the%20coming%20days){kind=link}