Gold Price Today: Analyst recommends Sell on Gold, Silver futures; near term weakness to continue, he opines

Gold Price Today: MCX August Gold Futures were trading with a negative bias on Friday at Rs 50102 per 10 gram and were down by Rs 126 or 0.26 per cent from the Thursday closing price. Expert Anuj Gupta recommends a Sell strategy on Gold Futures over the next half of the trading session.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that the Auguts Gold Futures must be sold on rise.

Selling is advised at Rs 50700 levels with the stop loss of Rs 51300 and the target price of Rs 49600, Gupta said.

MCX gold has corrected 1.45 per cent over the last one week and around 3.5 per cent over a fortnight and is now trading at an 8 week lows, Gupta said.

In the international market, spot gold is trading at 11-month low levels of USD 1704. He sees support at USD 1670-USD 1650, the VP said. The resistance is seen at USD 1735-1770. The prices have dropped by as much as 7 per cent in two-weeks, Gupta said.

Source: Reuters

Gold prices faring better in the domestic markets is due to the rupee weakness against the US Dollar.  

Meanwhile, MCX September Silver futures were trading at Rs 55026 per kg and were trading flat from the previous closing price, albeit with a negative bias.

Silver futures have corrected by 5.60 per cent in last 15 days and trading on 2 years low levels, levels, the technical analyst said.

Source: Reuters

Meanwhile, Spot silver has corrected by 7.50 per cent during this time and are trading at 2 years low levels at USD 18.40 levels.

Gupta’s recommendation is to Sell silver futures at Rs 57000 with the stop loss and a price target of Rs 59000.

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Silver futures have support at Rs 53500-51500 while resistance at Rs 57000-59000 levels, Gupta said.

Gupta said that the weakness in bullion is expected to continue.

(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.)