Gold Price Today – Intraday buying opportunity in bullion says analyst - know levels to make rade in Gold, Silver futures

MCX Gold futures were trading up with modest gains at around 7 pm on Monday while the Silver futures trading down. Around this time, the February Gold futures were trading at Rs 47,925 per 10 gram, up by Rs 22 from the Friday closing price. The March Silver Futures were trading at Rs 61,319 per kg, down by almost Rs 197 or 0.32 per cent.

“Gold price continued to trade steady as uptick in dollar, expectation of increase in pace of tapering is weighing on metals,” brokerage firm Motilal Oswal noted. Market participants are cautious ahead of the Monetary policy announcements on Wednesday and US inflation data expected later this, year, the report further said.

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The brokerage firm sees Gold futures trading with a negative bias over the remaining session with support between Rs 47,750 and Rs 47,450 while resistance between Rs 48,200 and Rs 48,500.

As for March Silver Futures, support is seen between Rs 60,600 and Rs 60,200 whereas resistance between Rs 61,700 and Rs 62,200.

Analyst Anuj Gupta remains bullish on the yellow metal in the near to immediate term. He recommended a buy in February Gold Futures at Rs 47,800 with a stop loss at Rs 47,600 and price target at Rs 48,300.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities also recommended a buy on March MCX SILVER futures at Rs 61,200 with as stop loss at Rs 60,700 and price target at Rs 62,200.

(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.)