Gold Prices Rise Amid Geopolitical Tensions: Expert Insights for MCX Gold
Gold prices rise due to geopolitical tensions and shifting global economic conditions. Experts share strategies for MCX Gold based on support and resistance levels.
Gold Prices Surge Amid Geopolitical Tensions: Expert Strategies and Key Support-Resistance Levels for MCX Gold Trading
Higher geopolitical tensions and good overseas sentiments help gold prices soar on Thursday. On the Multi Commodity Exchange (MCX), gold for December 5 delivery traded at ₹76,280 per 10 grams, up 0.32% as of 10:15 am. A weak US dollar and falling bond yields also boosted investors’ interest in safe-haven assets.
In the international markets, gold rallied for the fourth consecutive session as fighting between Russia and Ukraine intensified. Reports said Ukraine had fired British Storm Shadow missiles into Russia that had increased the crisis further. It’s a time while investors are really watching the interest rates comments made by Federal Reserve officials since interest rate factors play a vital role in determining the direction of gold.
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Geopolitical tensions, especially the Russia-Ukraine conflict, have significantly distorted global financial markets. Rahul Kalantri of Mehta Equities says long-range missile use by Ukraine has amplified safe haven demand for gold and other precious metals besides worries over global economic growth and possible US tariffs on China, giving bullion some further support. Possible stimulus measures by China may also remain a positive catalyst for metals in the near term.
Professionals have identified these major supports and resistances on MCX Gold. Kalantri said the precious yellow metal has support at ₹75,680–₹77,450 in INR terms and resistance at ₹76,210–₹76,440. Silver, on the other hand, holds support at ₹89,450–₹89,050 and resistance at ₹90,750–₹91,480. He further said that for the traders, these levels are very important entry and exit points.
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Gold has retraced 50% of its recent rally, pushing it from an overbought to an oversold zone according to Augmont’s Renisha Chainani. Chainani expected a rebound in price back to ₹76,500 and ₹77,400. That correction might turn into a strategic buying opportunity for investors.
Prithvi finmart Commodity Research’s Manoj Kumar Jain had a more conservative strategy. He recommended buying gold on a dip around ₹ 75,900, put in a stop loss of ₹ 75,660, and target ₹ 76,440. Such penetration would clearly require rather sharp short-term movements in prices to bring the best benefit.
As geopolitical tensions are maintained and market participants await clarity in US monetary policy, gold will probably remain a focal point for investors who desire stability. Traders are advised to keep tight attention to support and resistance levels and also amend their strategies to changing market conditions.
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