Bullion Price Outlook Today: Want to trade in MCX Gold, Silver? Know the expert strategy here!

If you are a trader or an investor in bullion and are trading currently on MCX, here is your strategy for the day! Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking has a few tips for the investors, following which, they could maximise their gains. 

The Senior Technical Analyst said that he expected MCX Gold and Silver Futures to trade in the positive zone for the remaining period of today’s trading session.  

At 4:20 pm, the December Gold Futures were trading around Rs 50,718 per 10 gm on the MCX, almost flat from the Monday closing price.  

Intraday strategy for MCX Gold traders: 

Gupta suggests buying in Gold futures on dips. He said that the levels for buying could be around Rs 50,400. He puts the stop loss at Rs 50,200 while the target price at Rs 51000. 

The Delhi spot gold price was Rs 50,500 per 10 gm, Gupta said. As for the international price, this precious metal was trading with some weakness at around USD 1905. 

Intraday strategy for MCX Silver traders: 

The MCX December Silver Futures were trading around Rs 62,449 per kg around this time, up by almost 0.6 per cent from the previous close. The Senior Analyst said that the investors should look to buy it around Rs 62,000, He puts the stop loss at Rs 61,400 while the target price at Rs 63,000.  

Gold prices were stable on Tuesday, hovering above the USD 1,900 level, as investors awaited further clarity on whether a new US coronavirus stimulus package will be forthcoming before next month`s presidential election, Reuters reported. 

Spot gold was up 0.1 per cent at USD 1,906.26 per ounce by 0925 GMT US gold futures eased 0.1 per cent to USD 1,909.60, the report said. 

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The dollar index slipped 0.2 per cent against its rivals, lending support to gold by making the metal less expensive for holders of other currencies, it further said.