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Gold Prices Today: Lack of fresh triggers likely to keep trade range-bound

Gold prices are in consolidation mode and any fresh triggers could push the prices higher, said Ravi Singh, Vice President & Head of Research at ShareIndia.

December 28, 2021 / 10:11 AM IST

Gold prices slipped from a one-week high amid thin trade on December 28 in the international markets as easing concerns over the Omicron coronavirus variant and strong US retail sales data boosted risk appetite.

On the Multi-Commodity Exchange (MCX), gold contracts were up 0.21 percent, trading at Rs 48,165 for 10 grams at 9.40 am on December 28. Silver futures added 0.13 percent to Rs 62,384 a kilogram.

Gold and silver prices are looking firm and could break out of the range soon, experts said. US bond yields fell around 1% in the previous session, which may also support precious metal prices. However, the dollar, which usually moves in the opposite direction as gold prices, is showing strength.

Silver prices are also seeing support from industrial metals, and further strength is expected above Rs 63,000 levels. Gold has support at Rs 47,900 and resistance at Rs 48,300, said Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart.

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Ravi Singh, Vice President & Head of Research, ShareIndia

With rising cases of Omicron, the fear of economic slowdown has hurt market sentiment. Gold prices are in consolidation mode and traders are closely monitoring the developments. Any fresh trigger may push gold prices higher.

Buy zone near Rs 48,100 for target of Rs 48,350

Sell zone below Rs 48,000 for target of Rs 47,800

Amit Khare, AVP-Research, Commodities, Ganganagar Commodity

Gold and silver are looking attractive on the daily chart. Momentum indicator RSI is also showing that on the hourly and daily charts. So, short-term investors are advised to create fresh longs on small dips near given support levels. Traders should focus on important technical levels.

February gold closing price Rs 48,066, Support 1 - Rs 47,900, Support 2 - Rs 47,800, Resistance 1 - Rs 48,200, Resistance 2 - Rs 48,400.

March silver closing price Rs 62,301, Support 1 - Rs 61,700, Support 2 - Rs 61,500, Resistance 1 - Rs 63,000, Resistance 2 - Rs 63,500.

Manoj Kumar Jain, Prithvi Finmart Commodity Research

Both gold and silver settled on a mixed note in the international markets on Monday. Gold February futures contract settled at $1808.80 per troy ounce with a loss of 0.07% while silver March futures contract settled at $22.99 per troy ounce with a gain of 0.34%.

We expect gold prices to remain steady in today’s session, but silver could show further strength amid higher base metal prices, and test $23.55 per troy ounce levels again.

Gold has support at $1800-1788 per troy ounce and resistance at $1818-1832 per troy ounce, while silver has support at $22.80-22.55 per troy ounce and resistance at $23.30-23.55 per troy ounce.

On the MCX, gold has support at Rs 47,980-47,770 and resistance at Rs 48,220-48,380, while silver has support at Rs 61,900-61,500 and resistance at Rs 62,700-63,100. We suggest buying silver on dips around Rs 62,000 with a stop loss of Rs 61,500 on a closing basis for a target of Rs 63,000.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.​
Sandip Das
first published: Dec 28, 2021 10:11 am
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