India Gold February Futures were trading flat on December 3 after US President Donald Trump stunned markets with tariffs against Brazil and Argentina which triggered risk-off sentiment.
Gold and Silver prices show some profit-taking on Monday after gains in the dollar index. Spot Gold in the international market closed around $1462 and silver prices closed around $16.90 per troy ounce.
Back home, both the precious metals, Gold & Silver, are trading above their crucial support of 37,700 and 44,500 levels respectively.
Gold February futures were trading with a negative bias, down 0.18 percent at Rs 37,879 per 10 gram at 10:00 hours IST on December 3.
Expert: Manoj Kumar Jain, Director at IndiaNivesh Commodities
We expect both Gold and Silver to remain range-bound and buy on dip strategy will work. Gold is expected to be traded in the range of 37,700-38,050 and Silver could trade in the range of 44,400-45,100.
Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX Gold February contract showed managed to recover from the low of 37750 levels and closed near 37900 levels. This was on back rise witnessed in International Gold prices from $1454 to$1466 levels.
MCX Gold has been intact in Triangle pattern and now a move above 38100 which suggests that upside breakout has taken place towards 38300 levels. On the downside, 37750 will act as support.
Intraday strategy: MCX Gold February can be bought in the range of 37900-37870 with a stop loss of 37800, and a target of 38,250 levels.
Expert: Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities
Gold prices edged up on Tuesday, hovering near the one-week high hit in the previous session, after the US
President Donald Trump’s move to slap tariffs on Brazil and Argentina stoked fresh concerns around global trade and hit risk appetite.
On Daily chart Gold traded flat to positive on Monday back of new tariffs on Brazil & Argentina on metal products. Technically, the ATR which is significantly low at 330 from 500 in Sep19, indicates that the yellow metal is likely to move more based on the news flow.
Prices are trading in a range and near its support levels and it is advised to make the best use by going long near the lower end of the range and selling around the higher end.
Overall it’s trading in a range-bound market between 37500-38500 levels. It is best to buy when the market is showing intra-day lows, and sell when the market is showing intra-day highs as the basing range-bound market can continue till the time there are no new confirmed triggers over a tariff war between US & China.
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