Gold Glitters: Need trading tips at fag end of session? Analyst suggests buy on dips as yellow metal gains

Gold traded with a positive bias on Thursday despite stock markets putting up a strong show. Gold was steady after enjoying its best session in seven months on Wednesday Reuters reported. The commodity markets will remain shut for the morning session on Friday on account of Dussehra holidays.

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As we are at the fag end of today’s session, analyst suggests strategy for intraday trading.

The MCX December Gold futures were trading at Rs 47,975 per 10 gm, up by Rs 59 or 0.12 per cent from the Wednesday closing price around 7:15 pm. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities recommends Buy at Rs 47,700 with a stop loss of Rs 47,200 while the target price at Rs 48,500.

Meanwhile, December Silver futures were trading at Rs 63,320 per kg, up by Rs 433 or 0.69 per cent. He recommended a buy at Rs 62,600 with a stop loss at Rs 62,000 and target at Rs 63, 800.

Brokerage firm Motilal Oswal sees the yellow metal trading at a higher range. It puts support between Rs 47,800 and Rs 47,600 while the resistance between Rs 48,200 and Rs 48,500.

As for spot gold price in the international markets, the resistance is seen between USD 1815 and USD 1830 while the support between USD 1785 and USD 1770. It was last trading at USD 1799.90 on the CME at the time of filing the story.

As for MCX Silver Futures, Motilal Oswal recommends dip buying near support levels. It puts support between Rs 63,000 and Rs 62,000 while the resistance between Rs 63,800 and Rs 64,200.

As for spot silver price in international markets, support is seen at USD 22.70 and USD 22.50 while the resistance is seen at USD 23.10 and USD 23.30. It was last trading at USD 23.38, above its resistance level.  

(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.)