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Gold Price Today – Buying opportunity as bullions sees correction on strong USD; know top trading strategy here
The prices took cues from the international markets where gains in the US Dollar depressed gold prices, which eased 0.7 per cent to USD 1,757 per ounce, Reuters reported. On Monday, it rose to its highest levels since 23 September, it said
MCX December Gold and Silver futures were trading with a negative bias on Tuesday. While, the former was down by Rs 259 or 0.55 per cent per 10 gram around 1:45 pm, the latter was down 0.31 per cent or 0.31 per cent per kg.
The prices took cues from the international markets where gains in the US Dollar depressed gold prices, which eased 0.7 per cent to USD 1,757 per ounce, Reuters reported. On Monday, it rose to its highest levels since 23 September, it said.
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Gold on MCX is expected to trade in range of Rs 46,520 – 46,960, a Motilal Oswal report said. It said that the yellow metal is expected to trade in a higher range in this session. The Gold Futures were trading at Rs 46,628 around this time. The support is between Rs 46665 and Rs 46520, while the resistance is between Rs 46,960 and Rs 47050. Dip buying near support is recommended.
Meanwhile, December Silver Futures are also expected to trade in a range. The support is between Rs 60,500 and Rs 60,350 while the resistance is between Rs 61050, 61,300. Silver Futures were trading at Rs 60,761 per kg around this time.
Meanwhile Bullion Index (BULLDEX) is likely to trade in a range as, well, this Motilal Oswal report said. Support is between Rs 13,855 and Rs 13,815, whereas resistance is between Rs 13,935 and Rs 13,965.
In the international market, the spot price of Gold is expected to have support in the range USD 1747 and USD 1735 while the resistance is between USD 1774 and USD 1785.
Gold prices once again hit a one-week peak as updates regarding the US-China trade deal was in the highlights, supporting the metal prices although, tapering fears and volatility in Dollar and Yields are capping some gains for the metal, this Motilal Oswal report said.
Chinese officials mentioned that talks with the U.S. regarding phase one deal could be expected soon although; US won't seek phase 2 trade deal talks.
Apart from comments of fed officials, in this important week, market participants will also keep their eyes on Service PMI data expected from major economies and US non-farm payroll data which could further trigger the volatility.
India’s gold imports in September soared 658 per cent from last year’s lower base as a correction in local prices prompted jewellers to step up purchases for the upcoming festive season.
Gold may test 47500 to 48000, Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities, said. Meanwhile, Silver futures may test 63000 to 65000 soon, he estimated. He said that any weakness in USD will support the cause of bullion.
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