Gold, Silver Futures - Monday Trading Tips - Expert recommends SELL at these levels; know what top TRIGGERS are
The outlook for Gold and Silver futures remains bearish and the bullion is expected to remain under pressure when the markets reopen on Monday. MCX Gold and Silver futures ended negatively on the MCX on Friday - the last trading day of the week. Expert Anuj Gupta recommends a sell strategy for the traders
MCX Gold and Silver futures ended negatively on the MCX on Friday – the last trading day of the week. The outlook remains bearish and the bullion is expected to remain under pressure when the markets reopen on Monday. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a sell strategy for the traders on Monday.
On MCX, the August Gold Futures were trading at Rs 47,526 per 10 gram at the closing time on Friday. They were cheaper by Rs 108 or 0.23 per cent per 10 gram from the previous closing price of Thursday. Gupta recommended sell on Gold Futures at Rs 47,800, He puts the stop loss at Rs 48,000 while the target price at Rs, 47,000.
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Meanwhile, MCX September Silver Futures were trading at Rs 67,050 per kg on Friday around the closing time, down by Rs 324 or 0.48 per cent from the last closing price on Thursday. He recommended Selling at Rs 67,500. He puts the stop loss at Rs 68,600 while the target price at Rs 65500.
In July, Gold future prices have appreciated by 1.47 per cent while that of silver futures have gone down by 1.51 per cent, Gupta said. He added that any correction from here is a good buying opportunity for long term investors.
In the international market, Gold futures are trading around USD 1798 while the Silver futures were trading at USD 25.10.
The weakness is Gold and Silver futures is on the back of stronger Dollar. However, for the buyers of other currencies, the price could remain dearer.
The price of Gold is around Rs 48,000 per 10 gram while that of Silver is around Rs 68,000 in the physical markets in Delhi. The prices in Noida markets are almost similar to the Delhi prices, he added.
As for prices in Dubai, 24k Gold was trading at AED 218.25 (4,422.25 Indian Rupee) per gram while 22k was trading at AED 205 (4,153.77 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).
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