MCX Gold, Silver futures trade lower on Friday; expert tells intraday strategy for gains

Gold and Silver futures were trading in a negative territory on Thursday. The MCX April Gold Futures were trading at Rs 52,920 per 10 gram and were down by almost Rs 320 or 0.60 per cent from the Thursday closing price. Meanwhile, the May Silver futures were trading at Rs 70,130 per kg on the MCX and were down 0.5 per cent or by Rs 340 around 12:30 pm.

Expert Anuj Gupta sees this as a buying opportunity in Gold and Silver futures. He sees support at Rs 52500-52100 while the resistance between Rs 53300 and 53850. Buy gold at 52700 with a stop loss of Rs 52200 and the price target of Rs 53,300.

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Gupta  is Vice President (VP), Commodity and Currency Research at IIFL Securities.

As for Silver futures, buying is recommended at Rs 69300 with a stop loss of Rs 68300 and the price target of Rs 70500 and 71000, Gupta said.

The VP sees support between Rs 69200 and 68300 while the resistance between Rs 70600 and Rs 71500.

Meanwhile, brokerage firm Motilal Oswal expects Gold Futures to trade in a higher range for this session. It puts support between Rs 52,800 and Rs 52,600 while the resistance between Rs 53,300 and Rs 53,550.

As for Silver futures, trading is expected at a higher range, the Motilal Oswal report said. It puts support between Rs 69,900 and Rs 69,600 while the resistance between Rs 70,550 and Rs 70,850.

It did not give any trading recommendation in the report.

In the international market, Gold was down about half a percent. Spot gold was traded at USD 1,986.47 per ounce according to a Reuters report.

The Motilal Oswal sees support in spot gold between USD 1970 and USD 1945 while the resistance at USD 2010 and 20235.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)