Gold Price Today 16-03-2021: Yellow metal rate near Rs 45K; precious metal may shine further after breaking this resistance, say experts : vimarsana.com
Gold Price Today 16-03-2021: The precious yellow metal rate rose Rs 160 per 10 gm at MCX (Multi Commodity Exchange) today morning and hit Rs 44,910. The bullions experts are of the opinion that gold has strong support at $1650 per ounce in the international market and at the same time it is facing stiff resistance at $1720 to $1730 per ounce levels. At MCX they advised that gold price is facing resistance at Rs 45,600 per 10 gm levels. Once, the yellow metal manages to break this level, there can be fresh momentum we can witness in the yellow metal rates. Speaking on the gold price outlook in the long-term Amit Sajeja, Vice President — Research at Motilal Oswal said, "In the international market, gold price has strong support at $1,650 per ounce levels. I would advise gold investors to take positional calls when the gold price breaks $1,750 per ounce resistance and sustains above $1,760 per ounce levels. Till then 'buy on dips' is the strategy when gold price falls around $1,660-70 per ounce levels. In gold price MCX terms, one should start aggressive buying if the gold price breaks Rs 45,600 per 10 gm resistance as it would be an indication of gold price bottoming out."