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Last Updated : Nov 21, 2019 09:45 AM IST | Source: Moneycontrol.com

Gold price today: Yellow metal rises on concerns over US-China trade delay deal

Gold and Silver is likely to show strength on Thursday. Gold can be bought around Rs 38,050, for a target of Rs 38,330 while a stop loss could be placed below Rs 37,920.


Indian Gold December Futures rose in early trade on November 21 supported by concerns that US bills on Hong Kong could increase tensions between the US and China.

Completion of a "phase one" trade deal could slide into next year, Reuters said quoting trade experts and people close to the White House.

Gold December futures rose 0.04 percent at Rs 38,171 per 10 gram at 09:20 hours.

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“Gold prices trade volatile on the early morning of Thursday as a fresh spar between the United States and China over US bills on Hong Kong ignited worries that trade talks could hit a hurdle and delay an interim deal,” Jateen Trivedi, Sr. Research Analyst - Commodity & Currency at LKP Securities Ltd told Moneycontrol.

“Gold prices scaled up on Wednesday on sensitive worries that a Sino-US trade deal could hit a hurdle as the US Senate passed a bill to back up Hong Kong anti-government activists,” he said.

Gold and Silver prices recovered from day’s low on Wednesday in the late evening session after news that US-China first phase trade deal will not be completed this year.

Gold is holding above key support of $1466 and Silver also holding its support of $17 per troy ounce. At MCX, Gold prices hold Rs 38,000 and Silver holds above Rs 44,400 levels.

Trading Strategy:

Expert: Manoj Kumar Jain, Director at IndiaNivesh Commodities told Moneycontrol.

We expect both the precious metals i.e. Gold and Silver to show strength on Thursday. Gold can be bought around Rs 38,050, for a target of Rs 38,330 while a stop loss could be placed below Rs 37,920.

Silver can also be bought around Rs 44,500 for a target of Rs 44,900, and a stop loss could be placed below Rs 44,300.

Expert: Pritam Kumar Patnaik, Head Commodities, Reliance Commodities

MCX Gold December has been failing to sustain at higher levels near 38300 levels and reversed on the downside towards 38050 levels. This has been keeping prices in a range.

International Gold has formed Bearish candlestick pattern in the last session which indicates fall from hereon is possible. We can expect Gold to trade in the range of 37800 and 38150 levels.

Intraday strategy: MCX Gold December Sell in the range of 38100-38130 with 38220 as stop loss and target of 37900 levels.

Expert: Jateen Trivedi, Sr. Research Analyst - Commodity & Currency at LKP Securities Ltd

On the daily chart, Gold traded flat on Wednesday waiting for triggers. Prices have been trading flat for a week. The ATR has significantly dropped from 500+ in Sep19 to below 400 showing signs of less of trending, and more of a news based reaction market for more than a month now.

Prices keep trading near 20-Days EMA placed at Rs 38070 and is holding 100-Days EMA placed at 37,398 but majorly trading in the range of 37500-38400.

For the day, on the upside 38300-38650 shall act as a supply zone, and 38100-37900 is likely to act as a support.

Expert: Hareesh V, Head Commodity Research at Geojit Financial Services .

MCX Gold December: Intraday bias largely on the downside as long as Rs 38300 caps the upside. The immediate support is placed at Rs 38000 which if cleared would extend the momentum towards Rs 37790 followed by Rs 37600 levels. However, consistent trades above Rs 38330 would take prices higher towards Rs 38560 or more.

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.

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First Published on Nov 21, 2019 09:45 am
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