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Last Updated : Dec 09, 2019 04:07 PM IST | Source:

Gold price today: Yellow metal ranegbound; sell in the range of Rs 37,800-Rs 37,830

Experts say that investor traders can go short on gold in the range of Rs 37,800-Rs 37,830, with a stop loss of Rs 37,900 and a target of Rs 37,550.

India Gold February futures were rangebound and continued its decline on December 9, as news around the US-China trade deal remained mixed.

Gold prices dropped by about 1 percent on December 6 after data showed that US job growth in November was the best in 10 months.

Washington reiterated its stance on a deadline for a new round of US tariffs on Chinese goods this weekend, supporting demand for safe haven, said a Reuters report.


On the Multi Commodity Exchange, gold contracts for February traded lower by Rs 54, or 0.14 percent, at Rs 37,645 per 10 gram at 16:00 hours IST.

Experts says that investor traders can go short on gold in the range of Rs 37,800- Rs 37,830, with a stop loss of Rs 37,900, and a target of Rs 37,550.

Gold and silver prices were volatile last week. Prices gained at the start of the week and tested crucial resistance of $1,484 for gold and $17.40 per troy ounce for silver.

At MCX, gold prices breached crucial resistance of Rs 38,330 and silver also breached Rs 45,100 at the start of the week.

Track live Gold price here

Trading strategy

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

MCX Gold February contract moved lower sharply on the back of strong NFP data during December 6 session. International gold gave up below $1,470 level and closed at the same level.

This indicates that the short-term trend has reversed on the downside. The next level to watch will be $1,450. MCX Gold February contract has been intact in downward moving channels and trading near channel support.

Thus, expect some pullback which will provide selling opportunity. As long as Rs 37,950 is intact, the trend will be sideways to negative.

Intraday strategy: MCX Gold February futures is a ‘sell’ in the range of Rs 37800- Rs 37830, with a stop loss of Rs 37,900, and a target of Rs 37,550.

Expert: Manoj Kumar Jain, Director, IndiaNivesh Commodities

Gold prices slipped to $1,462 and silver to $16.60 per troy ounce. At MCX, gold prices broke crucial support of Rs 37,800 and silver Rs 44,100.

We expect precious metals to remain volatile and expect it to trade with a negative bias. Gold could test $1,450/Rs 37,500-Rs 37,400 and silver could test Rs 43,300-Rs 43,000.

Expert: Jateen Trivedi, Senior Research Analyst (commodity & currency), LKP Securities

Gold prices dropped 1% on December 6 after data showed that the US job growth had increased the most in 10 months in November, the strongest sign yet that the economy was in no danger of stalling.

On the daily chart, gold witnessed strong selling on the back of strong non-farm payrolls and jobs data. Technically, the ATR, which is significantly low at 355 from 500 in September, suggests that prices can be in momentum after a strong selling pressure on December 6.

Prices are hovering in a range-bound market between Rs 37,500- Rs 38,500. Flat to negative momentum can continue, hence, buying on the dip for minor gains and selling on rises for bigger gains should be maintained.

For the day, Rs 37,800-Rs 37,900 will act as resistance, whereas Rs 37,625-Rs 37500 as supports.

Disclaimer: The views and investment tips expressed by investment experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.

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First Published on Dec 9, 2019 10:03 am
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