Gold Price Outlook Today: Buying? Know the intraday bullion trading strategy from this expert
Gold price will continue to climb and is set to remain attractive in the near to medium term as a viable investment instrument despite the uncertainties around the US stimulus package and looming elections, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said
Gold price will continue to climb and is set to remain attractive in the near to medium term as a viable investment instrument despite the uncertainties around the US stimulus package and looming elections, Anuj Gupta, Deputy Vice President, Commodity and Currency Research at Angel Broking said. The anticipation for a package before the elections may trigger a sharp increase in Gold and Silver on Wednesday. The dollar will become weaker if the package comes through, he said.
For investors who are planning to invest in this instrument, Gupta has some intraday trading tips. On the MCX, gold prices are expected to trade higher in today’s session, the technical analyst said.
Intraday strategy for MCX Gold traders: Gold At 10:40 am, the MCX December Gold Futures were trading at Rs 51,097, down by almost 0.5 per cent. He recommended a buy on gold futures at Rs 50,900 per 10 gm. He puts the stop loss at Rs 50,650 while the target price is Rs 51,500.
As for international price, the precious metal could test USD 1950.
Intraday strategy for MCX Silver traders: The Silver Futures were trading at Rs 62,968 per kg around this time, down by 1 per cent. Gupta said that the investors should look to buy silver futures around Rs 62,600 levels, with the stop loss of Rs 61,900 and for the target price of Rs 63,600. He said that he expected international Silver price to test USD 26.50 with the intraday perspective.
In the physical markets, Gupta said that the demand for gold and silver will pick up during the festive season.
“Lower interest rates and enormous amount of liquidity infusion by global central banks helped Gold gains over 25 percent in 2020 as it is considered as a hedge against inflation and currency debasement,” Gupta said. Prices also found some support as reinforcement of the pandemic triggered curbs in Europe and global cases surpassing 40.8 million boosted the appeal for the safe haven, he further said.
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Gupta said that it was unlikely that the package would come before the US elections. That may also have an adverse impact on the stock markets, firming up the position of the yellow metal. Though, the US Markets have been trading positively.
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