| Yellow | metal | range | bound | on | Sino-US | trade | buy | on dips |
On the downside, 38,000-37,950 will act as support and move above 38220 will lead to an upside breakout towards 38,450 levels.
Gold December futures were trading in a narrow range on November 20 following mixed cues around the US-China trade deal, and ahead of US Fed minutes.
The United States would raise tariffs on Chinese imports if no deal is reached with Beijing to end a trade war, US President Donald Trump said on Tuesday.
Gold settled above $1,470 and Silver settled above $17 per troy ounce in the international market on Tuesday. Due to the strength in rupee, Gold settled with minor loss while Silver settled with gains in the domestic market.
Gold December futures slip 0.09 percent at Rs 38,172 per 10 gram at 09:20 hours. It closed 0.06 percent lower at Rs 38,205.
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“Gold and Silver prices are expected to remain volatile ahead of US Fed meeting minutes and US-China trade deal odds. If Gold prices sustain above $1,472 could test $1,484 levels and Silver prices sustaining above $17 per troy ounce could test $17.34 levels,” Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol.
“Gold prices likely to hold above 38,050, and could test 38,330. The level of Rs 37,920 is likely to act as a major support for Gold. Silver prices sustain above 44,700 could test 45,100 again, 44,400 act as major support for silver. Buy on dip strategy will work in both the precious metals,”
Trading Strategy:
Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX Gold December has been trading with volatility on back movement in USDINR. International Gold has been trading in sideways to a positive trend. Thus one should adopt buy on dips strategy.
On the downside, 38,000-37,950 will act as support and move above 38,220 will lead to an upside breakout towards 38,450 levels.
Intraday strategy: Traders can buy MCX Gold December futures in the range of 38,130-38,070 for a target of 38,300-38,330 levels, and a stop loss can be placed below Rs 38,000.
Expert: Jateen Trivedi, Sr. Research Analyst - Commodity & Currency at LKP Securities Ltd
On the daily chart, Gold bounced strongly in evening sessions showing positivity on Tuesday. The ATR has significantly dropped from 500+ in Sep19 to below 400 showing signs of less of trending & more of a news based reaction market for more than a month now.
For the day, on the upside 38,350-38,650 shall act as supply zone & 38,100-37,900 acts as support.
Silver prices closed positive on Tuesday and are trading below 20 & 50-Days EMA which is placed at Rs 45,200. On the upside 44,900-45,700 is the major supply zone & on the downside 43,550-43,100 shall act as demand zone.
Till the time prices are trading below 46,000 weakness seem likely to continue on rises. But Since Gold prices are stable some rallies towards 50EMA (45200) seem likely.
Technical indicator MACD is suggesting flat to weak trend can be seen which suggests profit booking after rises will be on cards till the time below 46000.
Expert: Hareesh V- Head Commodity Research at Geojit Financial Services
MCX Gold December: The immediate resistance of Rs 38,300 needs to be cleared for the continuation of upticks for the day. A direct rise above the same would be an early signal of strong buying momentum towards Rs 38,440 or even more. However, the inability to break the same would call for corrective selling pressure possibly towards Rs 37,950.
Trading Strategy:
Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX Gold December has been trading with volatility on back movement in USDINR. International Gold has been trading in sideways to a positive trend. Thus one should adopt buy on dips strategy.
On the downside, 38,000-37,950 will act as support and move above 38,220 will lead to an upside breakout towards 38,450 levels.
Intraday strategy: Traders can buy MCX Gold December futures in the range of 38,130-38,070 for a target of 38,300-38,330 levels, and a stop loss can be placed below Rs 38,000.
Expert: Jateen Trivedi, Sr. Research Analyst - Commodity & Currency at LKP Securities Ltd
On the daily chart, Gold bounced strongly in evening sessions showing positivity on Tuesday. The ATR has significantly dropped from 500+ in Sep19 to below 400 showing signs of less of trending & more of a news based reaction market for more than a month now.
For the day, on the upside 38,350-38,650 shall act as supply zone & 38,100-37,900 acts as support.
Silver prices closed positive on Tuesday and are trading below 20 & 50-Days EMA which is placed at Rs 45,200. On the upside 44,900-45,700 is the major supply zone & on the downside 43,550-43,100 shall act as demand zone.
Till the time prices are trading below 46,000 weakness seem likely to continue on rises. But Since Gold prices are stable some rallies towards 50EMA (45200) seem likely.
Technical indicator MACD is suggesting flat to weak trend can be seen which suggests profit booking after rises will be on cards till the time below 46000.
Expert: Hareesh V- Head Commodity Research at Geojit Financial Services
MCX Gold December: The immediate resistance of Rs 38,300 needs to be cleared for the continuation of upticks for the day. A direct rise above the same would be an early signal of strong buying momentum towards Rs 38,440 or even more. However, the inability to break the same would call for corrective selling pressure possibly towards Rs 37,950.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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