Gold Price Today: Yellow metal trades flat; buy Silver March futures for target of 63,000: Experts

India Gold MCX February futures trades flat on Friday tracking muted trend seen in the international spot process, which are holding above $1800 per ounce level.

On the Multi-Commodity Exchange (MCX), the February gold contracts were trading 0.02 per cent higher at Rs 48,163 per 10 grams at 09:15 hours. The March Silver futures were trading 0.04 per cent higher at Rs 62,338 a kilogram.

Gold and silver gained in a volatile session on Thursday amid weakness in the dollar index. Both the precious metals were settled on a positive note in the international markets.

Gold February futures contract were settled at $1809.85 per troy ounce and silver March futures contract were settled at $22.82 per troy ounce. Due to strength in the rupee both the precious metals were settled on a mixed note in the domestic markets.

Gold prices held above $1800 per troy ounce on Thursday amid weakness in the dollar index and hotter than expected US PCE price index data.

“Gold prices are holding above $1800 per troy ounce and silver is also holding above $22.55 per troy ounce. We expect both precious metals to remain volatile and continue to hold their support levels,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

Gold has support at $1800-1788 and resistance at $1822-1834 per troy ounce; silver is having support at $22.55-22.30 per troy ounce and resistance at $23.10-23.40 per troy ounce.

“At MCX, Gold has support at 48000-47850 and resistance at 48330-48580; silver is having support at 61900-61660 and resistance at 62700-63100. We suggest buying silver around 62000 with a stop loss below 61500 on a closing basis for the targets of 63000,” says Jain.

Technical Indicators:

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

Domestic gold prices could start flat early Friday morning and witness range-bound trade tracking the overseas prices.

Technically, the MCX Gold February resistance zone is at 48315-48480 levels. The support zone is at 48010-47870 levels.

International spot silver prices have started flat this early Friday morning in Asian trade in holiday-thinned trade and lack of any major cues will keep the prices in a small trading range.

Technically, the LBMA spot silver support zone is at $ 22.18-$21.50 levels. The resistance zone is at $22.90-$23.50 levels.

Domestic silver prices could start flat early Friday morning and witness range-bound trade tracking the overseas prices.

Technically, the MCX Silver March support zone is to 61930-61550 levels. The resistance zone is at 62590-62870 levels.

(Disclaimer: The views/suggestions/advices 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.)