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Last Updated : Nov 14, 2019 05:22 PM IST | Source: Moneycontrol.com

Gold price today: Yellow metal back above 38,000; buy on dips for a target of 38,200

Experts are of the view that Indian Gold is likely to head higher and investors should use any dips to buy for a target of Rs 38,200-38,300 levels in the short term.

Gold futures rose in early trade on November 14 amid uncertainty on the much-awaited deal between the US and China, as well as, weak rupee which hit a 2-month low in the previous trading session.

However, the gains for the yellow metal were capped as rupee rebounded and equities rose with healthy gains, denting the appeal of safe-haven assets.


Sensex closed with a gain of 170 points, while the Indian rupee closed 12 paise higher at 71.97 per dollar on November 14.

Gold December futures were trading with a gain of Rs 32 or 0.08 percent at Rs 38,129 per 10 gram at 17:15 hours IST.

International Gold prices took support at $1,450 and tested its resistance level of $1,466, while Silver also took the support of $16.60 and tested $17 levels.

Track live gold price here

Experts are of the view that Indian Gold is likely to head higher and investors should use any dips to buy for a target of Rs 38,200-38,300 levels in the short term.

“Upbeat US CPI data restricted further gains in the late evening session. But, US Fed chairman Powell testifies support prices. Weakness in rupee additionally support prices of both the precious metals in the domestic market,” Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol.

“We expect prices of both the precious metals remain firm on Thursday, and Gold is expected to hold 37,800 and silver is expected to hold 44,000 levels,” he said.

Jain is of the view that any dip in the prices towards 37,950 would be an opportunity to buy gold with a stop loss of 37,800, and a target of 38,200-38,330. “For silver, any dip towards 44,400 would be an opportunity to buy with a stop loss of 44,000 for the target of 44,800-45,000,” added Jain.

Trading Strategy:

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

Gold December showed a sharp rise in the last session on the back of the rise witnessed in International Gold, as well as, depreciation seen in INR. This has led to the short term upside breakout.

Intraday strategy: MCX Gold December buy in the range of 38,030-37,980 with 37,900 as stop loss and target of 38,200-38,250 levels.

Expert: Jateen Trivedi, Sr. Research Analyst - Commodity & Currency at LKP Securities Ltd

The US Federal Reserve Chair Jerome Powell said the negative interest rates sought by President Donald Trump were not appropriate for the US economy right now.

The Fed has cut interest rates thrice this year to help sustain US growth. A lower interest rate trims the opportunity cost of holding non-yielding bullion.

Gold prices have been trading flat for the past 3 days giving 3 Doji closings, and on Wednesday a bullish green candle closing gives somewhat positive signals.

On the upside, 38,250 shall act as a supply point. Prices have closed above 20-Days EMA placed at 38,005 & 50-Days EMA placed at 37,854.

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.

First Published on Nov 14, 2019 09:43 am