MCX Gold Intraday Strategy: Buy Gold, Silver futures for these targets, says expert!

Trading will begin in Gold and Silver futures when the commodity markets reopen at 5 pm today. MCX is closed in the morning session on account of Mahavir Jayanti and Ambedkar Jayanti. Analyst Anuj Gupta remains bullish on yellow metal and recommends a buy on bullion with a near term view. 

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy in June MCX Gold Futures at Rs 52700-52800 with as stop loss at Rs 52200 and target price at Rs 53450-53700. The resistance is seen at Rs 53450-53900 while support is at Rs 52700-52200, Gupta said.

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The June Gold Futures ended at Rs 53098 on Wednesday, gaining Rs 220 or 0.4 per cent from the previous closing price.

Meanwhile, Gupta recommended a buy on MCX May Silver futures at Rs 68000-68200 with a stop loss of Rs 67400 and price target of Rs 69900-70000. Silver futures have support at Rs 68200-67400 and resistance at Rs 69900-70700.

Gold fell on Thursday as risk appetite recovered, but bullion was still on track for a weekly gain buoyed by safe-haven demand amid the Ukraine crisis and mounting price pressures, Reuters reported.

Spot gold eased 0.5 per cent to USD 1,967.90 per ounce, as of 0916 GMT, after a six-session winning streak. U.S. gold futures GCv1 dropped 0.6% to USD 1,973.00, this report said.

"The main move was on Tuesday when we saw the (U.S.) CPI (Consumer Price Index) numbers and although they were pretty much in line with expectations... gold still reacted to the order of $15-$20 or so, and has been consolidating since then," this report said quoting StoneX analyst Rhona O`Connell said.

Gold has gained about 1.1% so far in the holiday-truncated week. Most markets will be closed on Friday for a holiday.

"One of the factors that has lent buoyancy to gold in recent days has been strong buying interest on the part of ETF (Exchange Traded Fund) investors," Commerzbank analyst Daniel Briesemann said in a note. GOL/ETF

"We believe this is due to news about the Ukraine war – Russia appears to be preparing to launch a major offensive in the east of the country – that is generating considerable demand for gold as a safe haven," Briesemann said.

Spot silver XAG= dropped 0.8% to $25.53 per ounce and platinum XPT= dipped 0.9% to $977.37, while palladium XPD= rose 0.9% to $2,354.54.

(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.)