The MCX Gold price closed at ₹58300 per 10 grams on June 23, 2023, down by 1.76 % from the previous week’s close of ₹59354 per 10 grams. The price of gold traded in a narrow range of ₹59392 to ₹58096 per 10 grams during the week. The overall trend of the gold price was sideways.
The following factors contributed to the decline in the gold price:
- Strong US dollar: The US dollar index rose to a 20-year high of 105.29 on June 8, 2023, on concerns about rising inflation in the US. A stronger dollar makes gold more expensive for buyers holding other currencies.
- Rising interest rates: The US Federal Reserve is expected to raise interest rates by 0.75% in July 2023, which will further strengthen the US dollar and weigh on the gold price.
- Risk-on sentiment: Investors have turned to riskier assets such as stocks and equities, which has led to a decline in demand for gold, which is considered a safe haven asset.
Despite the decline in the gold price, there are some factors that could support the price of gold in the near term:
- Geopolitical tensions: The ongoing war in Ukraine and the threat of a recession in the US could support the gold price, as investors seek out safe haven assets.
- Inflation: Inflation in the US is still running at a high level, which could keep the gold price supported.
Overall, the outlook for the gold price in the near term is mixed. The price of gold could continue to decline if the US dollar continues to strengthen and risk-on sentiment persists. However, the price of gold could also be supported by geopolitical tensions and high inflation.
MCX GOLD Gann Angle Chart
MCX Gold is broken below 1×1 line and saw a pullback now can see reversal towards 58729/59000.
MCX GOLD Astrology Support and Resistance Line
MCX Gold is taking resistance at SUN Plannetary support line@ 59000/59225.
MCX GOLD Harmonic Analysis
Price has statred the D Line of SHARK Pattern.