Bullion Price Outlook Today: Gold price expected to end in green today; expert reveals strategy here!
The trends for gold and silver are likely to remain in positive on Friday and the yellow metal is expected to end the weak in the green, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. The technical analyst, however, has a few tips for the investors and traders to maximise their gains or avert losses
The trends for gold and silver are likely to remain in positive on Friday and the yellow metal is expected to end the weak in the green, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. The technical analyst, however, has a few tips for the investors and traders to maximise their gains or avert losses.
Gupta revealed the strategy to trade on the intraday basis. Know what he recommended today.
Intraday strategy for MCX Gold traders: At 4 pm, the December Gold Futures were trading around Rs 50,910 per 10 gm on the MCX, almost 0.3 per cent from the Thursday closing price.
Gupta suggests buying in Gold futures on dips. He said that the levels for buying could be around Rs 50,700. He puts the stop loss at Rs 50,400 while the target price at Rs 51200.
The Delhi spot gold price was Rs 50,800 per 10 gm, Gupta said. As for the international price, this precious metal was trading with gains and is expected to test USD 1925 in the intraday trade.
Intraday strategy for MCX Silver traders: The MCX December Silver Futures were trading around Rs 62,799 per kg around this time, up by almost 0.3 per cent from the previous close. The Senior Analyst said that the investors should look to buy it around Rs 62,500, He puts the stop loss at Rs 61,700 while the target price at Rs 64,000.
The Delhi spot price of Silver was Rs 62,700. As for international price he expected it to trade close at USD 24.72.
Gold firmed above USD 1,900 an ounce on Friday, en route to a weekly gain, as the dollar weakened and as investors hedged against uncertainties surrounding the coronavirus pandemic and going into the 4 November 4 US presidential election. US gold futures gained 0.4 per cent to USD 1,912.
"Gold is getting some boost from the dollar weakening and we have the U.S. elections and there`s still a lot of uncertainty. Also, there are talks about the U.S. stimulus package in negotiation," said Bank of China International analyst Xiao Fu.
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The dollar index fell 0.2 per cent against its rivals, making dollar-denominated gold less expensive for holders of other currencies.
Inputs form Reuters
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