Gold, Silver price outlook: Negative bias to continue, experts say
Gold, Silver price outlook: Bullion will continue to trade with a negative bias for around a week, though the trend remains positive on the intraday basis, two experts have told Zee Business Web team. Get the detailed insight of how gold and silver will trade today and over the next one week, here!
Gold, Silver price outlook: Bullion will continue to trade with a negative bias for around a week, though the trend remains positive on the intraday basis, two experts have told Zee Business Web team. Get the detailed insight of how gold and silver will trade today and over the next one week, here!
Gold intraday strategy and weekly outlook:
At 3 pm, the MCX December Gold Futures were trading at Rs 48,725, up around 0.4 per cent or Rs 212 from the previous close on Wednesday. The Delhi Spot Gold price was Rs 59,000.
Anuj Gupta, who is a Deputy Vice President, Commodity and Currency Research at Angel Broking recommends buying in Gold Futures at Rs 48,500. He puts the stop loss at Rs 48,200 while the target price at Rs 49,000.
On the weekly outlook, the MCX Gold is likely to trade in a range, Amit Sajeja, Vice President -Research, Commodity and Currency at Motilal Oswal said. He puts the support between Rs 48,350 and Rs 48,050 while the resistance between Rs 48,880 and Rs 49,150.
As for international price the spot gold has sport between USD 1785 and 1770 while the resistance between USD 1820 – USD 1845.
Silver intraday strategy and weekly outlook:
The MCX December Silver Futures were trading around Rs 60,018 per kg around this time, up almost 0.3 per cent or Rs 175 in comparison to the Wednesday closing. The silver spot price in Delhi was Rs 60,000, around this time.
Gupta said that the investors should look to buy silver futures around Rs 59,500, He puts the stop loss at Rs 59,000 while the target price at Rs 60,500.
As for the weekly outlook, this bullion metal is also likely to trade in a range-bound manner just like Gold, Sajeja said. The VP said the supports for silver futures were place between Rs 59,525 and Rs 59,050 while the resistance between Rs 60,675 and Rs 61,050.
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The international spot price of silver has a support between USD 23 and USD 22.70 per ounce whereas the resistance between USD 23.75 and USD 24.10.
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