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Gold prices today edge higher on safe-haven demand
Gold prices opened higher on Monday as concern over financial fallout from rising coronavirus infections boosted the demand for safe-haven metallic.
MCX Gold was up 0.19 per cent at Rs 53,564 per 10 gram within the early trade. White metallic silver on the MCX was up 1.03 per cent at 65,656 per 1 kg.
Sriram Iyer, Senior Analysis Analyst, Reliance Securities, stated, “Gold could stay unstable incoming classes. Resistance holds at Rs 53,750-54,050 stage and assist is at Rs 53,100-52,850 ranges. Then again, silver may trade in a variety of Rs 63,000-65,500 ranges within the coming session.”
Within the worldwide markets, US Gold futures rose 0.27 per cent to $1,991.20 per ounce.
An evaluation by Reuters confirmed that gold could retreat into a variety of $1,943-$1,954 per ounce, because it failed once more to interrupt a resistance at $1,982.
The resistance is recognized because the 376.four per cent stage of an upward wave C from $1,704. Gold failed thrice to beat this barrier. The possibility of a break above this stage turns into slim.
The consolidation from the July 28 excessive of $1,980.57 has taken the form of a triangle, which appears to be like like a prime sample, as indicated by the bearish divergence on the hourly RSI.
Hovering Covid-19 instances and simmering US-China tensions have dented hopes for a swift financial restoration, driving inflows into safe-haven property similar to gold, which climbed 30 per cent thus far this yr.