Bullion Price Today: Gold trading with negative bias; Know the expert intraday trading strategy here!
Both, Gold and silver continue to trade with a negative bias and the situation is likely to remain in the near to immediate term, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said
Both, Gold and silver continue to trade with a negative bias and the situation is likely to remain in the near to immediate term, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said.
The softening in the prices of bullion are on the back of news around the vaccines for coronavirus. Recently, Pfizer Inc announced results of the final trial of Covid-19 vaccine which showed it had a 95 per cent success rate and no serious side effects.
Moreover, internationally the Gold prices have also softened because of the US Treasury ending emergency loan programmes, Reuters reported.
Global and Indian equities have also been moving strong, diverting interests to the stock markets, Gupta said. The equity markets have been moving from strength-to-strength and that has taken some sheen of the yellow metal, which is considered as a haven during the times of crises, the senior analyst said.
He also spelt out the intraday strategy for the traders.
Intraday strategy for MCX Gold traders:
At 2:45 pm, the MCX December Gold Futures were trading at Rs 50061, almost flat from the previous close on Thursday. He recommended selling in Gold Futures at Rs 50,300. He puts the stop loss at Rs 50,600 while the target price at Rs 49,700.
The Delhi Spot Gold price was Rs 50,500.
As for international prices, the spot December Gold Future on CME USD 1870 which could see a further correction up to USD 1850.
Intraday strategy for MCX Silver traders:
The MCX December Silver Futures were trading around Rs 61,925 per kg around this time, up almost 0.7 per cent or Rs 415 in comparison to the Thursday closing. The Senior Analyst said that the investors should look to sell it around Rs 62,300, He puts the stop loss at Rs 62,800 while the target price at Rs 62,000.
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The silver spot price in Delhi was Rs 62,000, around this time. The international spot price of silver was USD 23.80 per ounce around this time.
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