Gold Price Outlook: See what investment strategy this expert recommends for today!
Gold is likely to trade positively on Monday on the back of a weak dollar and talks of stimulus package regaining grounds, said senior technical analyst Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking
Gold is likely to trade positively on Monday on the back of a weak dollar and talks of stimulus package regaining grounds, said senior technical analyst Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking. He further said that the US government will likely be required to print more USD to give the stimulus package, which would further weaken the American Dollar, he added.
He expected the yellow metal to trade around USD 1925 on the intraday basis.
On the intraday strategy, he said that the investors should look to buy gold around Rs 50,300. He expects the target price at Rs 51000 and puts the stop loss at Rs 50,000. Around 2:05 pm, the December Gold Futures were trading around Rs 50,745 per 10 gm on the MCX, up by almost 0.4 per cent.
The gold spot price in Delhi around this time was Rs 50,500, Gupta said.
Meanwhile, Silver is expected to move in tandem with the gold, Gupta opined. He said that the investors should buy at Rs 61,500, He puts the stop loss at Rs 60500 while the target price at Rs 63000. The Delhi spot price of silver was around 62000.
The December Silver Futures were trading at Rs 62,525 per kg, up by almost 1.4 per cent from the last close on Friday.
The technical analyst expected the international price to hover around USD 26 on the intraday basis.
See Zee Business Live TV Streaming Below:
The near term indicators to remain dependent upon the US elections which her scheduled in the first week of November. He reiterated his previous stance on the outlook of both gold and silver. Gupta said that the precious metals could trade on both sides and advised the investors to remain aware of the developments.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.