New Delhi: Gold Price Today- Gold has been rising for the last two weeks and its price has reached close to Rs 61020 per 10 grams. A reversal pattern is now visible in gold on the daily chart. SEBI registered research analyst Vikas Bagaria has said that gold has formed a double top pattern on the daily chart and its price is stuck near the upper Bollinger Band. Relative Strength Index or RSI is now indicating weakness in gold. Gold Price
According to MACD and RSI, once the bearish crossover is crossed, gold is showing weakness. Vikas Bagaria, stock market expert and founder of Chart and Trade, has said that the price of gold can now fall further and be seen near the middle Bollinger band.
According to the technical chart, it has been indicated that if gold goes below 60950, then it can see correction up to ₹ 60,250 and ₹ 60,000 per 10 grams according to the middle Bollinger band.
SEBI registered research analyst Vikas Bagaria has said that gold should be sold at the current price of ₹ 61020. For this, however, the trader is advised to set a stop loss of Rs 61180. The target of gold can be seen from Rs 60,650 to Rs 60,350.
Talking about India’s metal and commodity exchange MCX, on Monday, gold for delivery on December 5, 2023 was trading at a price of Rs 60870 with a weakness of ₹ 150. Gold Am expiring on December 5 was trading at 60914 with a weakness of Rs 113, while Gold Guinea expiring on November 30 was trading at 49243 with a weakness of Rs 73. The gold leaf expiring on November 30 was trading at Rs 6029, weakening by Rs 8.