Bullion Price Outlook Today: Gold, Silver intraday strategy | All you need to know today
While the price of Gold has firmed-up on Friday on the back of a retreat in Dollar, some profit booking was seen which is expected to extend during the remaining part of today’s trading session, Senior Technical Analyst Anuj Gupta said
While the price of Gold has firmed-up on Friday on the back of a retreat in Dollar, some profit booking was seen which is expected to extend during the remaining part of today’s trading session, Senior Technical Analyst Anuj Gupta said.
What should investors do in such a situation? Gupta, who is Deputy Vice President, Commodity and Currency Research at Angel Broking said there could be some profit booking and he recommends this strategy for intraday trading.
Intraday strategy for MCX Gold traders:
Gupta said that there has been some profit booking. At 2:10 pm, the MCX December Gold Futures were trading around Rs 50,490, up by over 0.4 per cent from the previous close on Thursday.
His suggestion is to Sell Gold Futures around Rs50,700. He puts the target price at Rs 50,100 while the stop loss at Rs 51,100 buying in Gold futures on dips.
The Spot Gold price in Delhi was Rs 51,000. He said that Gold price in physical market has been more or less intact because of the festival related demand. The international price of Gold around this time was USD 1873 which could see some more correction, he cautioned.
Intraday strategy for MCX Silver traders:
The MCX December Silver Futures were trading around Rs 60234 per kg around this time, almost flat in comparison to the Thursday closing. The Senior Analyst said that the investors should look to sell it around Rs 60,700, He puts the stop loss at Rs 61,300 while the target price at Rs 59,700.
The silver spot price in Delhi was Rs 61,000. The international price of silver was USD 23.30 per ounce.
The uncertainty over US elections coupled with rising number of coronavirus infections in Europe and US would continue to play on the price of bullion. While the trend continues to have a positive bias, gold and silver may see two-way trading in the near term.
U.S. gold futures were up 0.5 per cent at USD 1,877.
The price may also vary depending upon how the dollar behaves. Gold and dollar have an inverse relationship. Dollar index fell by 0.2 per cent on Friday against a basket of currencies, making bullion cheaper for holders of other currencies, Reuters reported.
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"The dollar rebound appears to have run its course," said Edward Moya, senior market analyst at OANDA, the Reuters report said.
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