Gold futures fell in early trade on November 4 on signs that a US-China trade deal could be signed this month taking some shine off the precious metal.
Gold December futures were trading with a negative bias at Rs 38,456 per 10 gram at 1018 hours IST. It had closed 0.69 percent lower at Rs 38,310 on November 1.
Experts feel the trend in gold is still intact and investors should use dips to buy for a near-term upside target of Rs 38,700-38,800/10 gm.
Gold and Silver prices gained moderately on Friday in the international market. Gold closed around $1515 and silver closed around $18.10 per troy ounce last week.
Strength in rupee is something which is weighing on domestic Gold and Silver prices. Experts see Gold trading in a range, and the immediate support is placed at 38,100-38,140.
Trading Strategy:
Analyst: Manoj Kumar Jain, Director at IndiaNivesh Commodities
We expect both the precious metals are expected to trade in a range. Gold having resistance at 38500 and support at 38100. Silver prices having support at 46200-46100 and resistance at 46700-46800.
Analyst: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
Gold failed to move above the resistance zone of 38600-38650 level in Friday’s session on the back better than expected data of US Nonfarm payrolls.
On the daily chart prices have formed small red bearish candlestick pattern but yet there is no break of support levels. Hence, we can expect consolidation in Gold.
The range for Gold can be 38150 and 38500 levels. Intraday strategy: Buy Gold December on dips towards 38200-38150 with 38100 as stop loss and target of 38400 levels.
Analyst: Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities
Gold on a short term basis has important supports at 37840 which is 50EMA support. On Daily chart yesterday it traded flat to negative but still held on to imp trading level 38140 which is 20EMA, showing signs of some uptrend still intact.
Technical indicator MACD is still suggesting flat to positive trend can be seen for few sessions ahead. 38600-38850 will act as an immediate point of supply zones.
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