Gold Price Today: Yellow metal trades flat; buy for a target of Rs 47440: Experts

India Gold MCX December futures trade flat on Wednesday following a muted positive trend seen in the international spot prices.

Spot gold was little changed at $1,760.26 per ounce. “The dollar index, which measures the greenback against six rivals, was down 0.2%, easing off from an over one-year high hit on Tuesday,” said a Reuters report.

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On the Multi-Commodity Exchange (MCX), the December gold contracts were trading 0.04 percent lower at Rs 47,180 per 10 grams at 0930 hours. The December silver futures were trading 0.33 percent higher at Rs 61,791 a kilogram.

Gold and silver showed a mixed trends on Tuesday in the international markets. Gold December futures contract settled at $1759.30 per troy ounce, and silver December futures contract settled at $22.49 per troy ounce. Domestic markets also showed mixed trends following global cues.

The dollar index strengthens on Tuesday amid possible bond tapering by the U.S. Federal Reserve from November this year. The dollar index crossed 94.40 marks again. However, profit-taking was seen in the benchmark 10-year bond yields.

“Gold prices got support from the global uncertainty due to the energy crisis and rising inflations. The U.S. inflation reports will come out on Wednesday and Thursday and will give further clues on the U.S,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“We expect both precious metals to continue to move in the upward direction due to rising inflation, Chinese firm’s debt concerns and global energy crisis. Gold could test $1784 per troy ounce in the upcoming sessions,” he said.

Gold has support at $1750-1738 per troy ounce and resistance at $1768-1784 per troy ounce; silver has support at $22.30-22.00 per troy ounce and resistance at $22.70-23.00 per troy ounce.

“At MCX, Gold has support at 47000-46770 and resistance at 47440-47650; silver has support at 61200-60900 and resistance at 61900-62400. We suggest buying gold around 47050 with a stop loss of 46820 for the target of 47440 and silver around 61330 with a stop loss of 60900 for the target of 62200,” added Jain.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold and silver prices ended mixed on Tuesday.

Gold Spot and COMEX futures ended marginally in the green. Silver Spot and COMEX futures ended marginally in the red.

Domestic gold ended in the green, while silver ended in the red on Tuesday.

Domestic silver prices could start flat to marginally higher this Wednesday morning, tracking overseas prices.

Technically, MCX Silver December above 61500 level could see 62000-63300 levels. Support is at 60900-60200 levels.

Expert: Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

Traders are advised to create fresh long positions in Gold and Silver in small dips, traders should focus on important technical levels given below for the day:

December Gold closing price 47198, Support 1 - 47050, Support 2 - 46800, Resistance 1 - 47420, Resistance 2 - 47720.

December Silver closing price 61586, Support 1 - 61000, Support 2 - 60500, Resistance 1 - 62150, Resistance 2 - 62850.

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