Gold prices climbed in domestic futures trade on November 29 but the gains remained capped as hopes for a US-China trade deal supported demand for riskier assets, weighing on the safe-haven metal.
In the global markets, gold slipped and was set for its worst month in three years.
India Gold December futures had settled at Rs 37,723 per 10 gram, up Rs 198 or 0.53 percent on November 28.
Due to weakness in rupee both the precious metals - gold and silver - show some recovery in the domestic market.
The rupee dropped by 27 paise to close at 71.62 against the US currency on November 28. The domestic unit opened flat at 71.61 per dollar on November 29.
Gold December futures were trading with a positive bias or up 0.15 percent at Rs 37,780 per 10 gram at 11:25 hours IST on November 29.
Experts feel gold may trade in the range of Rs 37,500-37,850 for today's session.
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Expert: Manoj Kumar Jain, Director at IndiaNivesh Commodities
Gold is expected to hold $1450/Rs 37,500 and silver is expected to hold $16.80/Rs 43,850. Gold is expected to trade in the range of Rs 37,500-37,850 and silver could trade in the range of Rs 43,850-44,500.
Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities
MCX Gold February contract consolidated in the last session and closed on the flat note. International Gold prices are consolidating in the range of $1460 and $1450 levels. Breakout is awaited.
The 20-periods EMA is on the verge of crossing above 50-periods EMA which suggests that the momentum has been shifting on the upside from the last few days.
MACD has given a positive crossover above 0 levels which is a bullish sign. On the downside 37,650 and 37,580 will act as support.
On the upside, a move above 37,800-37,850 will lead to an upside breakout.
Intraday strategy: MCX Gold February is a buy in the range of 37,700-37,650 with a stop loss below 37,580, and a target can be placed at 37,850 levels.
Expert: Jateen Trivedi, Senior Research Analyst (Commodity & Currency) at LKP Securities
Prices have broken below the 20-days EMA placed at Rs 37,920, and 50-days EMA placed at Rs 37,877.
Earlier, prices had scaled near strong support at 100-days EMA placed at Rs 37,590 which needs to be respected, and if prices take support here then some bounce-back can be expected towards Rs 37,850.
It is best to buy when the market is showing intra lows and sell when the market is showing intra highs as the basing range-bound market can continue till the time there are no new confirmed triggers.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.