Opportunity to book profits on MCX December Gold, Silver futures, says this analyst; gives intraday trading strategy

December MCX Gold futures are expected to trade in a range over this session with support placed between Rs 50300 and Rs 50150 according to a Motilal Oswal report. The resistance is seen at Rs 50600-50750. As for December Silver futures, support is seen at Rs 56200-56000 where as resistance is placed at Rs 56800-57050. It is expected to trade in a range-bound manner, the report said. 

At 6:11 pm on Tuesday, December gold futures were trading at Rs 50502 per 10 gram and were up by Rs 29 or 0.06 per cent from the Monday closing price. December Silver futures were trading at Rs 56600 per kg and were up by Rs 293 or 0.52 per cent around the same time.

The yellow metal edged higher as the USD weakened although, bets of another big interest rate hike by the US Federal Reserve weighed on the non-yielding metal's appeal and capped its gains, the Motilal Oswal report further said. Internationally, the price movement will likley be triggered by US IIP data, the report said.

Spot Gold has resistance between USD 1635 and USD 1620 while resistance at USD 1665-1680 while the spot silver prices have support at USD 18.50-18.25 while resistance at 18.95-USD 19.25.

Commodity and currency expert Anuj Gupta recommends a sell strategy on December Gold Futures at Rs 50700 with a stop loss of Rs 51050 and price target of Rs 50300. Selling is recommended in December Silver futures at Rs 56300 with a stop loss of Rs 55700 and price target of Rs 57200, Gupta said. Gupta is Vice President (VP), Commodity and Currency Research at IIFL Securities.

Gold & Silver Price on Comex

(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.) .