Gold price prediction today: Gold prices could trade sideways in the coming days, though the broader upward trend is still in place, says Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers. He shares his views and recommendations for gold and silver investors:Bullions Weekly update Prices stays volatile with Gold seen correcting below $4000/Oz on Hawkish Fed tilt dampening expectations of a rate cut in December. Will it decline further or is it a good opportunity to buy?Gold price witnessed volatility in the last few sessions declining to below $ 4000 an oz levels while closing the last week on a positive note. Traders looked ahead for more cues on rate cut possibilities in December as the same possibility declined to below 50 % from around 65 % a week earlier following hawkish comments from various Fed members.Meanwhile the US government reopened after US President Donald Trump signed a funding bill into law last week, ending the longest shutdown in US history, which lasted 43 days. Federal employees were directed to return to work as investors continued to grapple with uncertainty over the release of delayed economic data following the record-long shutdown. So far this year, Bullion has surged 55%, on track for its strongest annual gain since 1979, buoyed by robust central bank buying & sustained demand from investors seeking protection against rising fiscal & geopolitical risks. In other news, Official-sector purchases may likely continue in coming months as Central banks bought an estimated 64 tons in September, more than triple the amount in August according to various media reports. China alone added an estimated 15 tons. That figure is higher than the 1.24 tons reported by the nation’s central bank for that month.The first labor-market clues come on Thursday, when the Bureau of Labour Statistics is set to release the September jobs report. While the data remains more backward-looking than usual, the figures could still help shed light on the state of the world’s largest economy after the six-week shutdown providing fresh direction to prices.
Gold Price Outlook
Weekly View: Gold – Sideways to Slight Negative bias, Silver – VolatileGold could trade sideways ahead of macro cues from the US with FOMC meeting minutes scheduled on Wednesday and US payrolls report scheduled Thursday. However the broader uptrend remains intact for upcoming months, with the metal remaining around the 20-day Simple Moving Average (SMA) at $4,050. Meanwhile a failure to hold above $4,050 on a daily basis would leave Gold vulnerable to fall towards $4,000 before potentially challenging the October 28 low near $3,886.In the week ending November 14, Silver traded quite volatile to test strong resistance around $ 55 for the second time after hitting earlier highs around $ 55.49 in October. However, despite the correction to around $ 50, the white metal remained up 4.67% last week. Overall the metal is expected to remain volatile with a broad range of $ 48.5 – 52.40 per oz to persist on a weekly basis.Meanwhile, despite less dovish Federal Reserve expectations, the US Dollar struggles to build on the previous day’s gains amid concerns about the weakening economic momentum from the longest-ever US government shutdown. Expectations remain for Gold to trade in a broad range of $3,880 – 4,150 per oz on a weekly basis.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
