Bullion Price Today: Gold, Silver trading with negative bias; Know what strategy to adopt today from this expert!

Bullion’s appeal as a haven has taken some beating on the back of hopes around the Coronavirus Vaccine along with the transition of power from the outgoing of President Donald Trump to President Elect Joe Biden. Expert Anuj Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking said that the yellow metal has lost some sheen amid the two developments denting the chances for investment in bullion. 

Both, Gold and Silver have been trading with a negative bias, Gupta said. The focus has now shifted to the equity markets, which have gained from strength-to-strength, he added.  

The Senior Technical analyst spelt out the intraday trading strategy for today. 

Intraday strategy for MCX Gold traders:      

At 2:15 pm, the MCX December Gold Futures were trading at Rs 48,755, up around 0.4 per cent or Rs 170 from the previous close on Tuesday.  He recommended selling in Gold Futures at Rs 49,000. He puts the stop loss at Rs 49,400 while the target price at Rs 48,300.    

The Delhi Spot Gold price was Rs 59,000.    

As for international prices, the spot Gold price was around USD 1805. It could further go down to USD 1785, he said.   

Intraday strategy for MCX Silver traders:      

The MCX December Silver Futures were trading around Rs 60,083 per kg around this time, almost 0.8 per cent or Rs 462 down in comparison to the Tuesday closing. The Senior Analyst said that the investors should look to sell it around Rs 60,000, He puts the stop loss at Rs 60,800 while the target price at Rs 58,500.     

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The silver spot price in Delhi was Rs 63,500, around this time. The international spot price of silver was USD 23.30 per ounce. Gupta said that he expected some correction taking the price of this precious metal to 22.80 per ounce.