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Last Updated : Feb 07, 2020 09:50 AM IST | Source: Moneycontrol.com

Gold price today: Yellow metal inches up on Coronavirus concerns; buy for a target of 40,540

On the MCX, April gold contracts were trading higher by Rs 84, or 0.21 percent, at Rs 40,435 per 10 gram at 0920 hours.

India Gold April Futures were trading higher on February 7 as fears spread over rapidly spreading coronavirus and its economic impact fuelled safe-haven buying which should head higher after witnessing selloff in the past few days.

China's move to cut tariffs on some US imports that sent global stock markets higher in the previous session weighed on bullion prices, said a Reuters report.

On the MCX, April gold contracts were trading higher by Rs 84, or 0.21 percent, at Rs 40,435 per 10 gram at 0920 hours.

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Experts feel that escalating fears of Coronavirus will keep the interest alive in Gold alive and even push it towards 40,500 levels.

Track live gold price here

Trading Strategy:

Expert: Jateen Trivedi, Senior Research Analyst (Commodity & Currency), LKP Securities

Gold prices traded higher on Thursday and slightly positive on Friday morning trade as well, on back of fears over a rapidly spreading coronavirus outbreak and its economic impact fuelled safe-haven buying.

On the daily chart, Gold traded flat to positive and is trading slightly positive on Friday, on the back of fears over a rapidly spreading coronavirus outbreak and its economic impact fuelled safe-haven buying.

After a long time prices have touched below 20-EMA placed at 40,200 showing signs of correction can escalate further towards 50-Days EMA placed at 39500.

RSI & MACD are signaling basing range moves. For the day 40400-40550 will act as resistance whereas 40250-40125 as supports.

Expert: Sriram Iyer, Senior Research Analyst, Reliance Commodities

MCX Gold April has bounced back after taking the support of 39900 levels & has started to trade above 21-Daily Moving Average which is placed at 40200 levels which suggests a bounce book momentum from these levels. •

However, 40500 levels hold a strong resistance where some sideways momentum may continue in 40150-40500 levels.

International Gold $1558 will hold support & upside $1575 will act a strong resistance. It may trade in $1558-$1575 range.

Intraday strategy: MCX Gold April Buy in the range of 40320-40300 with 40200 as stop loss and target of 40540 levels.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
First Published on Feb 7, 2020 09:50 am
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