Gold price today: Yellow metal rises on concerns over trade deal; experts say buy on dips

Closing the day 62 paise lower at 72.08 per dollar on November 13, the Indian Rupee posted the biggest single-session fall since September 16.

Gold December futures were trading with a gain of Rs 386 or 1.02 percent at Rs 38,106 per 10 gram at 18:00 hours IST.

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Experts are of the view that investors could use buy on dips strategy this week. The next resistance could be seen at 37,800-37,850.

“We expect gold is able to hold key support of $1,450/INR 37,500 levels. Gold could test its immediate resistance of $1,466/INR 37,800-37,850 levels. Silver prices are likely to hold crucial support of 43,500 in the domestic market. In international market Prices hold crucial support of $16.60 per troy ounce,” Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol.

“We expect silver will continue to hold these support levels and will approach the resistance of $16.88-17/Rs 44,200-44400 levels. Buy on dip strategy will work for intraday in precious metals,” he said.
Trading Strategy:

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

On the daily chart, Gold closed flat. Prices have been trading flat for the past 3 days giving 3 Doji closing candles which suggest flat moves ahead. On the upside, 38,000-38,225 is likely to act as a supply zone which is also 20-EMA, placed at Rs 38,000.

On the downside, 37,450-37,150 will act as a demand zone which is 100-Days EMA placed at Rs 37,160. Overall, we expect flat moves till the time Gold is trading in the range Rs 37,150 – 38,225 as new triggers are awaited.

For Silver, on the upside, 44,900-45,700 is likely to act as a major supply zone & on the downside 43,550-43,100 is likely to act as a demand zone. Till the time, Silver prices are trading below 46,000, weakness seems likely to continue on rises.

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

International Gold has been moving in consolidation near $1,450 levels after the recent fall. Price action from hereon will be important as support is placed at $1,445 and $1,440 levels whereas immediate resistance is at $1,466 and $1,472 levels. We require to break above or below these levels for trending move in that direction.

MCX Gold December has been moving in a sideways action and intact in downward moving red channel. During such times we need to break of resistance or support levels. 37,850 and 37,500 is the immediate range.

Expert: Hareesh V, Head Commodity Research at Geojit Financial Services

MCX Gold December: As long as prices stay above Rs 37,470 expect recovery rallies towards Rs 37,870 initially, followed by Rs 38,040 levels for the day. However, an unexpected drop below Rs 37,470 would be an early signal of renewed bearish sentiments in the counter.

London spot gold: Consistency below $1,455 is required to trigger major liquidation pressure towards the supports of $1,420/1380 levels. Else, expect recovery moves but a direct rise above $1,495 is required to negate the prevailing mild bearish outlook. Resistance is seen at $1,510.

Intraday strategy: Gold Dec buy in the range of 37,650-37,620 with 37500 as stop loss and target of 37850 levels.

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