India Gold December futures dip on November 26 following signs of a possible deal between the US and China which fuelled risk-on sentiment.
International Gold prices fell to a 2-week low on Tuesday as the dollar firmed and equities rose on increasing optimism that China and the United States could seal an interim trade deal by year-end, said a Reuters report.
Gold December futures were trading with a loss of 0.16 percent at Rs 37,662 per 10 gram at 0920 hours.
Amid US-China trade deal hopes dollar index reached to one-week highs. International Gold prices fall for the fifth day in a row and Silver prices also slipped on Monday. Gold is trading around key support of $1450 and Silver also trading near key support of $16.80 per troy ounce in the international market.
Back home, both precious metals have already breached their key support in the domestic market as Gold moved below 37,800 while Silver slips below 44,400 levels.
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Expert: Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol
We expect both the precious metals remain in pressure and could show further weakness in Tuesday's session.
Gold can be sold around 37,800 with a stop loss of 37920 for the target of 37600 and Silver can also be sold around 44400 with a stop loss of 44650 for a target of 43900.Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX Gold December had a negative session and closed at the bearish note near 37800 levels. However, on a net basis, the overall trend is in consolidation and prices have arrived near the support zone of 37750-37700 levels.
International Gold has been consolidating near 1460-1455 levels and arrived near the short term trendline support. It will be important to where the breakout takes place.
MCX Gold has been intact in the downward moving channel and is trading in Bollinger bands which suggests a flat trend.
Intraday strategy: MCX Gold December buy in the range of 37750-37700 with a stop loss of 37600, and a target of 38920 levels.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.