Gold is expected to trade in the range of 37900-38400 while silver is expected to be traded in the range of 45400-46200.
Gold prices in India saw a muted opening in futures trade on October 15 as markets braced for talks between Britain and the European Union.
In the absence of fresh triggers on the US-China trade talks, investors kept on the edge while tensions in the Middle East is likely to infuse volatility.
December futures for the yellow metal traded at Rs 38,145 per 10 gram, down Rs 81, or 0.21 percent, on the MCX around 1235 hours.
Officials from Britain and the EU will meet at a make-or-break summit on Thursday and Friday that will determine whether or not Britain is headed for a so-called no-deal Brexit, said a Reuters report.
Gold and Silver prices recovered from their lows in Monday's session after the United States outlined the first phase of a trade deal and suspended scheduled tariff hikes on Chinese goods.
Spot Gold in the international market closed above $1,492 and Silver prices also closed above $17.50 per troy ounce.
Experts feel that volatility is likely to continue for some more time and both gold, and silver are likely to trade in a narrow range.
“At MCX Gold prices could test Rs 38,200 and Silver prices could re-test Rs 45,800 again. We expect trade deal headlines and tensions in the Middle East keep bullion prices volatile in today's session,” Manoj Kumar Jain, Director at IndiaNivesh Commodities, told Moneycontrol.
“Gold is expected to trade in the range of 37900-38400 while silver is expected to be traded in the range of 45400-46200,” he said.
Technically, gold has retraced 50 percent of the prior rise from the year 2000 to 2012 and started to move higher after the consolidation of almost 2 to 3 years.
"Such breakout indicates a resumption of the uptrend. We can also see that RSI has broken out of the downward moving trendline which suggests a shift in the range which supports the bullish view," said Ashish Kyal, CMT, Waves Strategy Advisors."At the bottom of the chart, we have shown the ratio of gold to the S&P 500 index in green color. The rising ratio suggests that money is flowing into gold and moving out from equities and vice versa. If the ratio moves above 0.63 levels where the breakout zone is placed, then we can expect more flows into the gold than equities. That will be the real sign that shift in the money flow from equities to gold," said Kyal.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.