Gold Price Today: Buy Gold, Silver futures for these targets; analyst recommends intraday trading strategy

Gold and Silver futures were trading with a positive bias on the MCX on Wednesday. The sentiments remain positive in favour of bullion amid the emergence of new Covid-19 variant Omicron from South Africa. The Dollar Weakness is lending further support to the yellow metal.    

The February Gold Futures were trading at Rs 47,878 per 10 gram, higher by Rs 73 or 0.15 per cent from the Tuesday closing price. Meanwhile, the March Silver futures were dearer by Rs 135 or 0.22 from the Tuesday closing price and were trading at Rs 62,406.  

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Domestic prices will take cues from the international price. The February Gold Futures is expected to trade in a range between R 47,585 and 48,000. The levels of Rs 48,000 will be an immediate resistance level, a Motilal Oswal report said and a sustained move above this level will confirm a positive momentum. 

Support is seen between Rs 47670 and Rs 47525, the report said. 

As for Silver, the March Futures are expected to trade in a broad range having support between Rs 62,100 and Rs 61,880. The support for Silver futures is seen at Rs 62,100 and Rs 61,880 whereas the resistance is seen at Rs 62,620 and Rs 62,850. 

Analyst Anuj Gupta remains bullish on Gold and Silver and sees an upside from here. He said that uncertainties around the new Coronavirus variant will aid the cause of bullion, considered as a haven for investors. The US Dollar movement will also have an impact and any weakness will only strengthen its position.  

He said that Dollar movement against Indian Rupee must be closely tracked and a weaker Rupee will make bullion dearer for importers. This will reflect on futures as well, he added. 

He recommends a buy on February Gold Futures at Rs 47,700 with a stop loss of Rs 47,500 and target price of Rs 48,300. Buying is recommended in March Silver Futures at Rs 62,000 with a stop loss of Rs 61,400 and price target of Rs 63,000. 

(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.)