Experts feel that gold may trade in the range, but investors can still look at buying the yellow metal on dips for a target of Rs 38,250.
India Gold February futures were trading flat with the negative territory on December 6 following uncertainty over the U.S-China trade negotiations with mixed messages emerging from the two sides.
Gold had closed flat a day earlier at Rs 38,085. However, silver prices gained around 0.50 percent at 44,100.
On the Multi Commodity Exchange, gold contracts for February traded lower by Rs 51, or 0.13 percent, at Rs 38,034 per 10 gram at 0920 hours.
Experts feel that gold may trade in the range but investors can still look at buying the yellow metal on dips for a target of Rs 38,250.
“Gold is flat on Friday due to rise in risk sentiment after US President Donald Trump's latest comments rekindled hopes of a trade deal with China, but dollar's weakness kept the bullion on track for a weekly rise,” Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities told Moneycontrol.
Trump said trade talks were "moving right along", while Beijing reiterated its stance on withdrawal of the December 15 tariffs as part of an interim deal to de-escalate their 17-month trade war, he said.
Expert: Manoj Kumar Jain, Director, IndiaNivesh Commodities
Gold held above Rs 38,000 and silver also closed above the support of Rs 44,100 levels in the domestic market on December 5. We expect the prices of both the precious metals to remain range-bound and get support at lower levels.
Gold could trade in the range of Rs 37,770-38,250. Silver could face resistance at around Rs 45,850-45,900 level and could trade in the Rs 44,300-44,900 range.Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX gold February contract traded in a range on the back of sideways action witnessed in LBMA gold prices. A breakout is awaited below $1,470 or $1,480 levels.
MCX gold has been intact in falling channel and thus move above Rs 38,200 is a must-resume up move.
Intraday strategy: MCX gold February could be bought in the range of Rs 38,010-37,990, with a stop loss of Rs 37,900, and a target could be placed around Rs 38,250.Expert: Jateen Trivedi, Senior Research Analyst (commodity & currency) at LKP Securities
On the daily chart, gold pared some gains on the back of the statement from the US that trade talks are going very well with China. Prices overall are in trading a rangebound market between Rs 37,500-38,500.
Technical charts suggest that flat to positive momentum can continue, hence buying on dip and selling on rises should be maintained. For the day, Rs 38,100-38,200 will act as resistance whereas Rs 38,000-37,900 levels are likely to act as crucial supports.
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