Gold price falls by Rs 300; Silver down too; Should you buy to make profit? Check now
Both Gold and silver have seen some correction on Wednesday. What should be the strategy to trade in gold and silver today. Zee Business market expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking spelled out the intraday strategy. See what he recommended today
Both Gold and silver have seen some correction on Wednesday. What should be the strategy to trade in gold and silver today. Zee Business market expert Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking spelled out the intraday strategy. See what he recommended today.
Intraday strategy for MCX Gold traders:
At 3:20 pm, the MCX December Gold Futures were trading at Rs 50,460, down by over 0.6 per cent or Rs 306 from the previous close on Tuesday. He recommended selling in Gold Futures at Rs 50,600. He puts the stop loss at Rs 51,000 while the target price at Rs 50,000.
The Delhi Spot Gold price was Rs 51,500.
As for international prices, the December Gold Future on CME USD 1876.2 down by USD 8.9
Intraday strategy for MCX Silver traders:
The MCX December Silver Futures were trading around Rs 62,959 per kg around this time, almost 0.4 per cent or Rs 309 down in comparison to the Tuesday closing. The Senior Analyst said that the investors should look to sell it around Rs 63,300, He puts the stop loss at Rs 64,000 while the target price at Rs 62,500.
The silver spot price in Delhi was Rs 63,500, around this time. The international price of silver was USD 24.23 per ounce.
On the likely indicators that are impacting the prices, Gupta said that the stock markets have been moving from strength-to-strength, which has taken some attention towards the equity markets. He however maintained the outlook for the yellow metal to remain positive.
Gold inched up and moved in a narrow range on Wednesday, as investors weighed the prospects of a COVID-19 vaccine against concerns over rising cases and the possibility of further economic support from the U.S. Federal Reserve, Reuters reported.
Spot gold rose 0.1 per cent to USD 1,880.81 per ounce by 0707 GMT, it further said
On Monday, Gold shed as much as 1.3 per cent after Moderna said its vaccine was 94.5 per cent effective in a late-stage trial.
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"There`s a lack of catalyst for gold to rally ... Weighing on prices is a slight depression in inflation expectations because it`s quite clear now that the U.S. fiscal stimulus will probably not be as sizeable as previously imagined," the Reuters report said quoting IG Markets analyst Kyle Rodda.
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