MCX, Gold, Silver futures trading in green on Wednesday – check price and intraday strategy

technical analyst Anuj Gupta recommended a buy at Rs 47,200 with as stop loss at Rs 47,000 and price target at Rs 47,800. He recommended buying in December Silver futures for a target of Rs 65,400 and a stop loss at Rs 63,600

Spot silver has support between USD 23.45 and USD 23.15 and resistance at USD 24 and USD 24.25, the Motilal Oswal report said. Source: Reuters

MCX December Gold and Silver futures were trading with a positive bias on Wednesday. While the former was up by Rs 115 or 0.24 per cent around 3:25 pm and was trading at Rs 47,395 per 10 gram, the latter was dearer by Rs 235 or 0.36 per cent from the Tuesday closing price at 64,685 per kg.

According to a report by Motilal Oswal, MCX Gold is expected to trade in a higher range on the intraday basis. Support is placed at Rs 47,200-47050 whereas resistance is placed between Rs 47,500 and Rs 47,650.

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The brokerage firm also expects Silver futures to trade with a positive bias. It sees support between Rs 64,150 and Rs 63,900 while resistance between Rs 64,800 and Rs 65,050.

While it recommended a buy on dips on Silver futures, there was no trading strategy recommended for Gold Futures.

Meanwhile, technical analyst Anuj Gupta recommended a buy at Rs 47,200 with as stop loss at Rs 47,000 and price target at Rs 47,800. He recommended buying in December Silver futures for a target of Rs 65,400 and a stop loss at Rs 63,600.

Spot Gold has support at USD 1755-1730 whereas resistance at USD 1790-1805.

Meanwhile, Spot silver has support between USD 23.45 and USD 23.15 and resistance at USD 24 and USD 24.25, the Motilal Oswal report said.

Triggers

Gold prices pared gains on Tuesday, after rising more than 1 per cent earlier, as their safe-haven appeal took a knock from rising US Treasury yields and US equities, this report said.

An up move in the safe have assets was seen after weak US economic data was reported on Tuesday. Market participants are increasingly expecting the Fed to start tapering its asset purchases soon, as the earnings season has been encouraging so far and recent data showed a solid increase in US consumer prices.

Market expectations for future interest rates do not square with the ECB’s guidance for no hike until inflation is seen stable at 2 pr cent, its chief economist said. Market participants will keep an eye on the inflation data from EU and UK. For the day we except, Gold on MCX, to hover in the range of Rs 47,200 and Rs. 47,650.

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