Daily Gold Price (Today January 31) in the US, India: Short-term Outlook, Technical Analysis
Gold rates in Delhi, Chennai, Kolkata, Mumbai today
Gold rates have been slashed on Saturday at all major cities On MCX, the gold rates have been at Rs. 49,800, according to thehansindia.
Gold rates have been slashed on Saturday at all major cities On MPhoto: ThehansindiaCX, the gold rates have been at Rs. 49,800. Gold rate in Delhi for 22-carat has remained at Rs. 47,800 and that of 24 carat gold is at Rs. 52,140. In Chennai, the gold rate is at Rs 46,390 per ten gram of 22 carat with Rs. 10 decrease and that of 24 carat is at Rs. 50,610.
The gold rates in Kolkata is at Rs. 48,470 per 10 gram of 22 carat and the rate of ten grams of 24 carat is at Rs. 51,010. In Mumbai, the gold rates have been at Rs. 47,800 and Rs. 48,800 per ten grams of 22 carat and 24 carat with decrease of Rs. 200.
Gold and silver prices have weakened at global markets thus making the domestic prices in India also weak resulting in fall of the price for the last three days. However, the gold prices mentioned here are due at 8 am, the prices could alter at every moment and hence the gold buyers need to track the live prices at a given time. The mentioned price is closing prices of yesterday while today's price would begin either with a decrease or increase.
Gold Price Analysis: XAU/USD closes in on key Fibo resistance near $1,870
The XAU/USD pair failed to capitalize on the broad-based USD weakness on Thursday and erased a large portion of its daily gains before closing at $1,842. On Friday, gold gained traction and extended its rally with a decisive break above the 200-day SMA, which is currently located around $1,850. As of writing, XAU/USD was up 1.15% on the day at $1,864, Fxstreet reported.
Gold technical outlook
The near-term outlook seems to have turned bullish with Friday's upsurge. The Relative Strength Index (RSI) indicator on the daily chart turned north and rose above 50 for the first time in more than a week.
On the upside, the initial resistance aligns at $1,870, where the Fibonacci 50% retracement of the December uptrend and the 20-day SMA coincide. Above that level, the 100-day SMA could be seen as the next target at $1,880 ahead of $1,890 (Fibonacci 38.2% retracement).
Supports, on the other hand, are located at $1,851 (200-day SMA), $1,845 (Fibonacci 61.8% retracement) before $1,831 (Jan. 27 low).
Gold Price Futures (GC) Technical Analysis – Intraday Bulls Take Advantage of Light Volume, Fueling Whipsaw
Friday’s price action indicates the near-term direction of April gold will be determined by trader reaction to $1869.10 to $1846.00, said Fxempire.
Gold futures are trading slightly higher late in the session on Friday during a volatile trading session that saw the market soar to its highest level since January 8, only to pullback to nearly unchanged later in the session.
Traders said the early rally was fueled by weakness in the equity markets as an ongoing retail versus hedge fund battle and doubts over European vaccine supply hurt global stocks. Meanwhile, new trial results from Johnson & Johnson’s coronavirus vaccine disappointed some investors, weighing on the broader market.
At 20:50 GMT, April Comex gold futures are trading $1846.90, up $5.70 or +0.31%.
While gold traders were reading the headlines, the U.S. Dollar held steady, taking some of bullion’s allure kept it on track for its worst January in a decade.
The price action suggests the intraday spike to the upside may have been fueled by a volume vacuum, which will have little impact on the longer-term direction of the market.
Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart. The main trend changed to up when buyers inched through the recent swing top at $1878.10. The old top was taken out by $0.80 before the rally failed. This indicates there is still a major seller in the market. A trade through $1832.40 will change the main trend to down.
The main range is $1771.30 to $1966.80. On Friday, April gold futures straddled its retracement zone at $1869.10 to $1846.00. Trader reaction to this zone is likely to determine the near-term direction of the market.
The short-term range is $1966.80 to $1821.30. Its retracement zone at $1894.10 to $1911.20 is the next potential upside target. Sellers may show up on a test of this zone. They will be trying to form a potentially bearish closing price reversal top. Buyers are going to try to trigger a breakout over $1911.20 with their eyes set on $1966.80.
Friday’s price action indicates the near-term direction of the April gold futures contract will be determined by trader reaction to $1869.10 to $1846.00. Holding between these levels will create a neutral tone.
A sustained move over $1869.10 will indicate the presence of buyers. If this creates enough upside momentum then look for a possible surge into $1894.10 to $1911.20.
A sustained move under $1846.00 will signal the presence of sellers. This could trigger a break into a pair of main bottoms at $1832.40 and $1821.30. If the last bottom fails as support then look for the selling to possibly extend into the major 50% level at $1787.30.
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