Both, Gold and silver are currently trading with a negative bias and the situation is likely to remain in the near to immediate term, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. The softening in the prices of bullion are on the back of news around the vaccines for the coronavirus. 

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Recently, Pfizer Inc announced results of the final trial of Covid-19 vaccine which showed it had a 95 per cent success rate and no serious side effects. 

Gupta said that the equity markets have been moving from strength-to-strength and that has taken some sheen of the yellow metal, which is considered as a haven during the times of crises.  

The Senior Technical Analyst spelt out the intraday strategy for the traders.  

Intraday strategy for MCX Gold traders:      

At 4:30 pm, the MCX December Gold Futures were trading at Rs 49,948, down by over 0.7 per cent or Rs 377 from the previous close on Wednesday.  He recommended selling in Gold Futures at Rs 50,100. He puts the stop loss at Rs 50,400 while the target price at Rs 49,500.    

The Delhi Spot Gold price was Rs 50,500.    

As for international prices, the spot December Gold Future on CME USD 1858 which could see a further correction up to USD 1820.   

Intraday strategy for MCX Silver traders:      

The MCX December Silver Futures were trading around Rs 61,356 per kg around this time, almost 2 per cent or Rs 1,187 down in comparison to the Wednesday closing. The Senior Analyst said that the investors should look to sell it around Rs 61,800, He puts the stop loss at Rs 62,500 while the target price at Rs 60,500.     

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The silver spot price in Delhi was Rs 62,000, around this time. The international price of silver was USD 23.90 per ounce which could further go down up to 23.40 on the intraday basis.