The MCX Gold price closed at ₹58782 per 10 grams on July 07, 2023, up by 0.98% from the previous week’s close of ₹58211 per 10 grams. The price of gold traded in a narrow range of ₹58949 to ₹57971 per 10 grams during the week. The overall trend of the gold price was sideways.
The following factors contributed to the Rise in the gold price:
- Weak US dollar: The US dollar index declined to 102 as US economy showed good strength A Weaker dollar makes gold more inexpensive 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 taken support at 4×3 saw a decent bounce as discussed last week.
MCX GOLD Astrology Support and Resistance Line
MCX Gold is taking resistance at SUN Plannetary above 58800, can see rally towards 59225/59500.
MCX GOLD Harmonic Analysis
Price has bounced from D Line of SHARK Pattern.