Page 18 - Bullion World Issue 6 October 2021_Neat

Bullion World | Issue 06 | October 2021

The current Indian Rupee price suggests that in near-term rupee can appreciate
up to 73.95 level due to IPO related inflows and RBI credit policy which is on 8th
October,2021. The Following table will give clear direction of Indian Rupee in near
future.

INDIAN RUPEE Weekly Monthly
Strong support 73.95 73.83
Stronger support 73.83 73.33
Strongest support 73.47 72.94

Strong resistance 74.35 74.67
Stronger resistance 74.63 75.31
Strongest resistance 74.93 75.61

Hovering around regression channel mean. The gold market continues to struggle to attract sustainable bullish momentum
as the price hovers around $1,750, an ounce better than expected U.S. manufacturing data. For long-term, I am bullish on gold
because U.S. debt levels are just growing out of control. However, in short-term, rallies will continue to be sold on account of profit
booking and technical corrections. If gold has any sort of chance to push higher, we will see some uncertainty in equity markets.

In last three weeks gold is trading in a narrow range between $1720 and $1808 level
with a bearish bias. If gold trades consistently below $1720 then a sharp fall to $1692 and $1676 is possible before reversal.
Given below is the support and resistance table for your reference.

GOLD SPOT Weekly Monthly
Strong support 1748 1725
Stronger support 1733 1676
Strongest support 1692 1638

Strong resistance 1797 1828
Stronger resistance 1825 1876
Strongest resistance 1860 1923

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