Gold Price Today July 5: Yellow metal gains; expert gives THIS intraday trading strategy

Gold and Silver futures were trading positively on Monday, carrying on from where they left on Friday. Around 1 pm today, August Gold futures were trading up by Rs 66 while the September Silver Futures were expensive by Rs 236. Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities expects MCX Gold and MCX silver futures to trade in a range throughout the day, today as the US Markets remain close. 

What should be the strategy for intraday traders today? Should they buy or sell gold and silver futures? If these questions are worrying you, then Expert Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities has the answers. 

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Gupta said that gold has seen some recovery as Central Banks across many countries have started buying Gold amid fears of inflation shooting up from here. 

Gold has been trading with weakness because of an array of factors – including stronger US Dollar, higher bond yields in the US and the commentary around the economic recovery in the US. 

He had estimated Gold Futures to trade in the range between Rs 47,300 and Rs 46,600 for the weak. Meanwhile, MCX September Silver Futures are expected to trade in the range between Rs 71,000 and Rs 68,000.

MCX Gold Trading Strategy

MCX August Gold Futures were trading at Rs 47,351 per 10 gm on Monday around this time, getting expensive by Rs 66 or 0.14 per cent from the last closing price on Friday. His strategy for Monday is to Buy at Rs 47,100. He puts the stop loss at Rs 47,000. He puts the target price at Rs 47,450.

MCX Silver Trading Strategy

Meanwhile, MCX September Silver Futures were trading at Rs 70,424 per kg on Monday around this time, up by Rs 236 or 0.34 per cent from the last closing price on Friday. He recommended Buying at Rs 70,424. He puts the stop loss at Rs 69,700 while the target price at Rs 70,800.

Gold futures were trading around USD 1785 while Silver futures were trading around USD 26.50. 

As for prices in Dubai, 24k Gold was trading at AED 216.50 (4,406.21 Indian Rupee) per gram while 22k was trading at AED 203.25 (4,340.07 Indian Rupee). This information has been sourced from Dubai Gold & Jewellery Group (DGJG) website. The website claims DGJG to be the largest trade body for Dubai’s jewellery industry (DGJG).