Gold price today: Rates flat in early trade; what should be your strategy for bullion trade today?
₹58,429 per 10 gram around 9:25 am. Experts expect gold prices to remain volatile reacting to macro events and the movement of dollar and bond yields. Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week amid volatility in the dollar index and ahead of the Fed meeting minutes.
"Gold has support at $1,922-1,910, while resistance at $1,945-1,958 per troy ounce. Silver has support at $22.84-22.60, while resistance is at $23.45-23.70 per troy ounce. At MCX, gold is having support at ₹58,200-58,050 and resistance at ₹58,550-58,720 while silver is having support at ₹70,100-69,750 and resistance at ₹70,850-71,400.
We suggest buying silver on dips around ₹70,100 with a stop loss of ₹69,650 for the target of ₹71,100," said Jain. Brokerage firm Motilal Oswal Financial Services is of the view that gold and silver will trade rangebound today. Motilal pointed out that gold has support at ₹58,200-58000 whereas resistance is at ₹58,600-58,800.
On the other hand, silver has support at ₹70,000-69,400 whereas resistance is at ₹71,200-71,800. Brokerage firm SMC Global Securities believes gold may trade in the range of ₹58,200-58,700 and silver, too, may trade in the range of ₹70,200-70,900 where buying near support is advised. Disclaimer: The views and recommendations given in this article are those of individual analysts and brokerage firms.
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