Gold Price Today: Yellow metal trades higher; resistance placed at 47,155-47,250, say Experts

India Gold MCX December futures were trading higher on Friday tracking positive trend seen in the international spot prices ahead of the U.S. non-farm payrolls report.

Spot gold was steady at $1,755.83 per ounce. The dollar index hovered below a one-year high. A stronger dollar makes gold more expensive for other currency holders, said a Reuters report.

On the Multi-Commodity Exchange (MCX), December gold contracts were trading 0.18 percent higher at Rs 46,909 per 10 grams at 0930 hours. December silver futures were trading 0.40 percent lower at Rs 61,015 a kilogram.

Gold and silver traded steady on Thursday despite strength in the dollar index and a decline in the unemployment claims in the United States. Both the precious metals settled on a mixed note in the international markets.

Gold December futures contract settled at $1759.20 per troy ounce and silver December futures contract settled at $22.66 per troy ounce. Both the precious metals settled on a mixed note in the domestic markets.

“Market is eyeing today’s U.S. non-farm employment report. On the other hand, silver prices gained following gains in base metal complexes. We expect both precious metals to remain volatile in today’s session ahead of the U.S. non-farm employment report,” Manoj Kumar Jain, Director, Head-Commodity & Currency Research, Prithvifinmart Commodity Research, said.

“At MCX, Gold has support at 46660-46500 and resistance at 46990-47155; silver is having support at 61000-60620 and resistance at 61600-62000. We suggest buying silver around 61000 with a stop loss of 60600 for the target of 61800,” he said.

Technical Indicators:

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities:-

COMEX gold trades little changed near $1760/oz after a 0.1% decline yesterday. Gold has been trading in a narrow range for the last few sessions as market players moved to the sidelines ahead of the US non-farm payrolls report, which is expected to give more clarity about Fed’s monetary stance.

Supporting gold price is increasing challenges for the global economy in form of rising energy costs, uneven recovery, and concerns about the health of the Chinese economy. Gold may remain range-bound ahead of US jobs report however any disappointment in job numbers may result in some gains.

Amit Khare, AVP- Research Commodities, Ganganagar Commodity Limited

Traders are advised to create fresh long positions in Gold and Silver in small dips near given support, traders should focus on important technical levels given below for the day:

December Gold closing price 46827, Support 1 - 46650, Support 2 - 46450, Resistance 1 - 47000, Resistance 2 - 47250.

December Silver closing price 61258, Support 1 - 60700, Support 2 - 60000, Resistance 1 - 61770, Resistance 2 - 62500.

Expert: Sriram Iyer, Senior Research Analyst at Reliance Securities

International gold spot & COMEX futures fell on Thursday as a drop in U.S. weekly initial jobless claims, ahead of the monthly jobs data later this week, boosted Treasury yields and raised bets that the U.S. Federal Reserve may soon start winding down its economic support

International silver spot & COMEX futures ended flat to higher.

Domestic gold ended weak, while silver prices ended higher on Thursday, tracking overseas prices.

International silver prices have started flat this Friday morning in Asian trade, ahead of non-farm payrolls data tonight.

Technically, if LBMA Silver continues below $23.00 level the markets could continue its downside momentum up to $22.10-$21.33 levels. Resistance is at $22.90-$23.77 levels.

Domestic silver prices could trade flat this Friday morning, tracking overseas prices.

Technically, if MCX Silver December trades below 61000 level the markets could continue its downside momentum up to 60300-59500 levels. Resistance is at 60200-59500 levels.

(Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)