Gold Price Today – Analyst spells out intraday trading strategy in MCX Gold, Silver futures – recommends this to optimise gains

Weakness in US Dollar and softening in treasury yield helped Gold gain on Wednesday and the yellow metal is expected to trade with a positive bias over the remaining part of the trading session today. Brokerage firm Motilal Oswal advises bullion investor to keep an eye on the US inflation data, which is due for a release this week.

The inflation data is likely to impact US Federal Reserve’s decision on the pace at which the central Bank must implement its tapering exercise, the brokerage firm opines. It also recommends monitoring of the Omicron situation along with US-Russia talks.

See Zee Business Live TV Streaming Below:

MCX February Gold Futures were trading in the green at Rs 48,123 per 10 gram around 6:45 pm, up by almost Rs 63 or 0.13 per cent from the Tuesday closing price. Meanwhile the March Silver futures were higher by Rs 208 or 0.34 and were trading at Rs 61,620 around this time.

The yellow metal futures are expected to remain in a positive territory during the evening trading session, opines the Motilal Oswal report. It sees a support between Rs 47,800 and Rs 47,600 and resistance between Rs 48,200 and Rs 48,500.

As for March Silver futures, support is seen between Rs 61,000 and Rs 60,600 while resistance is seen between Rs 62,200 and Rs 62,600. It is expected to trade in a rangebound manner.

Analyst Anuj Gupta recommended a buy on February Gold futures at Rs 47,900 with a stop loss of Rs 47,700 and a price target of Rs 48,300. He also advises a buy on March Silver futures at Rs 61,500 with a stop loss of Rs 60,900 and price target of Rs 62,500.

Spot Gold on CME was trading marginally weaker at USD 1783.4, down buy USD 1.3 or 0.07 per cent.  Spot Gold has support between USD 1775 and USD 1760 while the resistance between USD 1798 and USD 1810, Motilal Oswal report says.

March Silver futures were down almost 0.9 per cent or almost 19 cent at USD 22.33. Spot silver has support between USD 22.20 and USD 22 while the resistance between USD 22.55 and 22.75.