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Gold Price Today: Yellow Metal Trading Volume. Buy for Rs 47550 Targets: Experts

Indian gold MCX December futures traded high on Tuesday as yields on US dollars and US Treasuries, which supported some precious metals, were sluggish and there was a positive trend in international spot prices.

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The dollar has fallen to a two-week low against a basket of currencies, supporting gold by making it cheaper for buyers of other currencies, according to Reuters.

On the Multi-Commodity Exchange (MCX), the December gold contract was trading 0.06 percent higher at Rs 47,320 per 10 grams in 0930 hours. Silver futures in December were trading at Rs 63,617, up 0.55%.

Gold and silver prices showed some weakness on Monday, despite good economic data points. Both precious metals have settled on a slightly weaker note in the international market.

Gold’s December futures contract settled at $ 1765.70 per troy ounce and silver’s December futures contract settled at $ 23.26 per troy ounce. Both precious metals have been settled in mixed notes in the domestic market.

US dollar index and benchmark 10-year bond yields fell on Monday after disappointing industrial production data in September.

“The global stock market is also showing that it is profiting from higher levels due to rising inflation,” said Manoj Kumar Jain, Head of Commodity Currency Research at Prithvifinmart Commodity Research.

“In the session on Tuesday, we expect both precious metals to show some strength. At the MCX, gold is supported at 47855-46920 and resistance is at 47440-47700. Silver is 62900-. It is supported by the 62500 and has resistance on the 63660-64100, “he said.

Jain proposes to buy around 47150 gold with 46950 stop loss for 47550 targets and around 63000 silver with 62500 stop loss for 64000 targets.

Technical indicators:

Expert: Sriram Iyer, Senior Research Analyst, Reliance Securities

International gold and silver prices on Monday ended slightly in the red.

Silver prices were flat on Monday, but domestic gold rose slightly. The bullion index ended flat on Monday.

While risk-off sentiment in the wider financial markets limited metal losses, rising US Treasury yields made it less attractive.

As China’s economic growth slowed, sentiment in the wider financial markets remained weak, and constant rises in oil prices fueled concerns about rising inflation.

Domestic silver prices could be stronger this Tuesday morning, tracking overseas prices. Technically, the MCX Silver December range for the day is 61200-64300.

Experts: Amit Khare, AVP-Research Commodities, Ganganagar Commodity Limited

Traders are encouraged to create new long positions in gold and silver that are close to the specified support level. You also need to focus on the important technical levels listed below for the day.

December Friday closing price 47291, Support 1-47200, Support 2-47000, Resistance 1-47500, Resistance 2-47700.

December Silver Closing Price 63266, Support 1-62800, Support 2-62300, Resistance 1-63750, Resistance 2-64400.

(Disclaimer: The views / suggestions / advice presented here in this article are by investment experts only. ZeeBusiness advises readers to consult an investment adviser before making financial decisions. It is recommended.)



Gold Price Today: Yellow Metal Trading Volume. Buy for Rs 47550 Targets: Experts

https://www.zeebiz.com/personal-finance/news-gold-price-today-yellow-metal-trade-higher-buy-for-a-target-of-rs-47550-experts-168148 Gold Price Today: Yellow Metal Trading Volume. Buy for Rs 47550 Targets: Experts

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