MCX Gold, Silver expected to trade with gains when market reopens; Expert Anuj Gupta gives intraday trading strategy

Indian equities markets remained closed on Tuesday on account of Mahashivratri. However, the commodity markets will reopen for the evening session. Gold and Silver were trading with a positive bias in the international markets around 4 pm. The MCX Gold and Silver futures are also expected to take cues from their global peers and could trade in the positive territory when the market reopens.

On Monday, the April Futures ended at Rs 50,815, up over 1 per cent or Rs 594 from the previous closing price on Friday. Meanwhile, the May Silver futures were trading at Rs 65,910 per kg at the closing time on Monday and were up almost 1.5 per cent or Rs 1000 from the previous closing price.     

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Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities, recommends a buy in Gold and Silver futures. He sees support between Rs 50,400 and Rs 49,800 while the resistance between Rs 51,300 and Rs 51,800. Buying is suggested at Rs 50,400 with a stop loss of Rs 49,800 while the target price at Rs 51,300.

As for May Silver futures buying is recommended at Rs 65,200 with a stop loss a Rs 63,500 and price target of Rs 67,000.

Gupta said that the resistance is seen between Rs 67,000 and Rs 68,500 while the support is seen between Rs 65,200 and Rs 63,500.

Internationally, Gold was trading at USD at USD 1918, up by 0.93 per cent, Gupta said. Meanwhile, Silver was up by 1.05 per cent at USD 24.62.