December MCX Gold futures are expected to trade in a range during this session with support placed between Rs 50,300 and Rs 50,150 according to a report by Motilal Oswal. Resistance is seen at Rs 50600-50750. As for December silver futures, support is seen at Rs 56200-56000 while resistance is placed at Rs 56800-57050. It is expected to trade limited, according to the report.
As of 6:11 p.m. Tuesday, December gold futures were trading at 50,502 rupees per 10 grams and were up 29 rupees or 0.06% from Monday’s closing price. December silver futures were trading at 56,600 rupees per kg and were up 293 rupees or 0.52% at the same time.
The yellow metal edged higher as the USD weakened, although bets of another sharp interest rate hike by the US Federal Reserve weighed on the non-performing metal’s appeal and capped its gains, added the Motilal Oswal report. Internationally, the price movement will likely be triggered by US PII data, according to the report.
Spot gold has resistance between $1635-$1620 while resistance at $1665-1680 while spot silver prices have support at $18.50-$18.25 while a resistance at $18.95-19.25.
Commodity and currency expert Anuj Gupta recommends a sell strategy on December gold futures at Rs 50700 with a stop loss of Rs 51050 and a price target of Rs 50300. The sell is recommended in December silver futures at Rs 56,300 with a stop loss of Rs 55,700 and a target price of Rs 57,200, Gupta said. Gupta is Vice President (VP), Commodities and Currency Research at IIFL Securities.
Gold and silver prices on the Comex
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