Gold Prices Today: Yellow metal likely to remain volatile, support around Rs 47,800-47,660

Gold Prices, Silver Prices

Gold prices were flat on December 9 in the international markets as the US dollar and Treasury yields firmed ahead of key inflation data that could provide clues on the Federal Reserve's next policy move.

On the Multi-Commodity Exchange (MCX), the gold contracts were marginally up 0.05 percent to Rs 48,079 for 10 grams at 9.37 am on December 7. Silver futures shed 0.06 percent to Rs 61,586 a kilogram.

Gold and silver showed extreme volatility yesterday amid volatility in the dollar index. Both the precious metals settled on a mixed note in the international markets., and are expected to remain volatile in today’s session. Gold has support at $1772-1758 per troy ounce and resistance at $1800-1812 per troy ounce while silver has support at $22.10-21.84 per troy ounce and resistance at $22.70-23.00 per troy ounce, said Manoj Kumar Jain, Prithvi Finmart Commodity Research.

"At MCX, gold has support at Rs 47800-47660 and resistance at Rs 48220-48400, while silver has support at Rs 61300-60900 and resistance at Rs 62000-62400. We suggest buying gold on dips around Rs 47900 with a stop loss of Rs 47700 for target of Rs 48280," the brokerage firm said.Track Live Gold prices here

Trading Strategy

Abhishek Chauhan, Head of Commodity & Currency at Swastika Investmart

US unemployment claims data is scheduled for later today, which may give cues for the direction of precious metals. Technically, gold is trading sideways to positive, holding support levels of Rs 47900 and facing resistance at Rs 48500. Silver prices are also trading in a narrow range, with support at Rs 61200 and resistance at Rs 62200.

Ravi Singh, Vice President & Head of Research at ShareIndia

The new Covid variant Omicron is creating an atmosphere of uncertainty in the global market due to the possible consequences on the economic activities if the outbreak is catastrophic. Most developed economies are facing high inflation and slow economic recovery. Gold prices in this scenario will find support as US may prefer to delay tapering for the time being.

Buy zone above Rs 48100 for target of Rs 48500
Sell zone below Rs 47700 for target of 47500

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

We can see huge volatility in bullion in December. As per technical charts, gold and silver are trading at oversold zone and making bottom. Momentum indicator RSI is also indicating the same on the hourly as well as the daily chart. The current levels are the best prices for short term investors, so they can create fresh longs in small dips near given support levels.

February Gold closing price Rs 48055, Support 1 - Rs 47850, Support 2 - Rs 47600, Resistance 1 - Rs 48300, Resistance 2 - Rs 48500.

March Silver closing price Rs 61623, Support 1 - Rs 61300, Support 2 - Rs 60600, Resistance 1 - Rs 62100, Resistance 2 - Rs 62500.

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