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Last Updated : Dec 04, 2019 09:43 AM IST | Source: Moneycontrol.com

Gold price today: Yellow metal gains on possible delay in US-China trade deal

Experts advise investors to use dips to buy for a target of 38,500 on Gold, and 45,600 on Silver.


India February Gold futures rose on December 4 after the US President Donald Trump said talks could extend until after the presidential elections in November 2020 which the triggered risk-off sentiment.

Trump said a trade deal with China might be delayed until after the November 2020 elections, dashing hopes that an agreement could be reached before another round of tariff hikes take effect on December 15, said a Reuters report.

Gold February futures were trading with a positive bias, up 0.03 percent at Rs 38,340 per 10 gram at 0920 hours IST on December 4. It closed 1 percent higher at 38,327 on Tuesday.

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Gold and Silver prices gained more than 1 percent on Tuesday after US President hinted to levying a tariff on France and EU, suggest experts. Experts advise investors to use dips to buy for a target of 38,500 on Gold, and 45,600 on Silver.

“Safe-haven buying is likely to emerge again in precious metals. Gold crossed $1474 per troy ounce and silver crossed $17 per troy ounce in Comex division,” Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol.

“We expect both the precious metals remain firm and any dip in the prices will be an opportunity to buy again. Gold can be bought around 38,100 with a stop loss of 37,920, and a target of 38,500 and silver can buy around 45,100 with a stop loss of 44850, and a target of 45,600,” he said.

Track live Gold price here

Trading Strategy:

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

A sharp rally in MCX Gold was witnessed on the back of up move in International Gold, as well as, depreciation witnessed in USDINR.

LBMA Gold spot is testing the upper Bollinger band, as well as, channel resistance on the daily chart, hence we expect some consolidation from here on to digest the up move. Immediate support is at $1,468 levels and resistance is at $1,482-1,483 levels.

MCX Gold is now trading near the resistance zone of 38,360-38,380 levels on 60 mins chart. RSI has also arrived at an overbought zone, hence we expect some sideways action that will provide a buying opportunity.

Supports are placed at 38,200/38,080 level whereas resistance is at 38,380/38,630 levels.

Intraday strategy: MCX Gold February can be bought in the range of 38,250-38,220, with a stop loss of 38,100, and a target of 38,400 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.

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First Published on Dec 4, 2019 09:43 am
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