The bullion metal lost Rs 2,562, or 4.68 percent, for the week on MCX as investors booked profit (Image courtesy: Reuters)
Gold was trading flat with a negative bias in Indian markets on November 27, tracking muted trend in the international spot prices. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.05 percent at Rs 48,492 per 10 gram at 0920 hours. December silver was trading 0.4 percent lower at Rs 59,608 per kg.
Investors can look at buying the dip towards Rs 48,400 for an upside target of Rs 48,800 per 10 gm, experts say.
Gold and silver ended flat the previous day as markets were closed in the US for Thanksgiving Day. December gold futures contract settled at $1805.50 per troy ounce with a minor loss while silver settled at $23.36 per troy ounce.
Domestic markets settled on a positive note. Both the metals found support at lower levels from the weakness in the dollar index. The dollar index was trading near the crucial support of 92 and if it closes below the mark on a weekly closing basis could further support prices of precious metals, experts say.
“We expect both the precious metals to trade in a range in today’s session. Gold has support at $1,792-1,784 per troy ounce and resistance at $1,814-1,822 per troy ounce. Silver has support at $23.00-22.80 per troy ounce and resistance at $23.55-23.80 per troy ounce,” Manoj Jain, Director (Head-Commodity & Currency Research) at Prithvi Finmart told Moneycontrol.
On MCX, gold has support at 48,330-48,200 and resistance at 48,680-48,800. Silver's support is at 59,500-59,200 and resistance at 60,300-60,800, he said.
Jain suggests buying gold on dips around 48,400 with a stop loss of 48,200 for the target of 48,800 levels.
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Sriram Iyer, Senior Research Analyst at Reliance Securities
International spot LBMA gold and silver ended flat on November 26 as Comex futures were closed for Thanksgiving. Domestic gold and silver ended, tracking overseas prices.
Domestic bullion could trade in a range on November 27. MCX February gold ended on a muted note where it held 48,250 support and 48,800 immediate resistance and could remain within the support and resistance in intraday session.
MCX March silver could trade in the 60700-62400 range.
Ravindra Rao, VP- Head Commodity Research at Kotak Securities.
Comex gold was trading in a range near $1,810 amid consolidation after dropping to July lows. Gold was range-bound as support from rising virus cases, mixed economic data and hopes of additional stimulus measures was countered by vaccine progress.
ETF outflows and easing political chaos in the US also helped. Gold's fall has stalled near the key $1,800-level and we may see some consolidation amid a lack of fresh triggers.Disclaimer
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