Experts say investors could use the dips to buy into the gold as the momentum could take the precious metal to retest Rs 41,000 level.
Gold price could retest 40,700 per 10 gm but could face selling pressure at higher levels, suggest experts. Investors could use rallies to go short with a target of 40,320, they say.
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.
RSI & MACD are signaling basing range moves. For the day, Rs 40,250-Rs 40,350 will act as resistance, whereas Rs 40,025-Rs 39,900 as supports.
Experts feel that traders could look at buying the yellow metal around 40,500 levels for an upside target of 41000 per 10 gram. But, there could be some stiff resistance near 40,875 levels, they say.
Experts feel that Gold is likely to remain volatile and move in a range. Investors should use dips to buy into the metal with a target of 40,600 levels while supports are placed at 40,100 levels.
Experts are of the view that weakness in the rupee could keep the domestic gold prices higher, and as long as it is trading above 40,000, a move towards 40,350 is possible.
Most experts feel that Gold is likely to trade in a range and investors should use dips if any to buy with a target of Rs 40,000.
Silver always lags behind gold price performance. Historically, gold triggers the initial move in bullion complex and, eventually, silver gains traction.
On the MCX, Gold contracts for February were trading higher by Rs 44, or 0.11 percent, at Rs 39,655 per 10 gram at 09:20 hours.
Experts are of the view that Gold prices are likely to remain volatile and in the short term, traders could go short on the yellow metal with a target of 39,450.
Experts feel that Gold prices are likely to remain volatile in the near term, and investors can look at going short if the index trades below 39,900 with a target of 39,550 levels.
On the MCX, gold contracts for February were trading lower by Rs 239, or 0.6 percent, at Rs 40,233 per 10 gram at 0920 hours. It hit a record high of 41,096 per 10 gm on Monday.
Experts are of the view that the situation in West Asia will keep gold prices high and investors should use any dips to buy into the precious metal for a target of Rs 41,200.
'Buy on dips' strategy still works in Gold till the time prices are trading above $1532 per Troy ounce in the international market, and 39,330 in the domestic market.
On the MCX, Gold contracts for February were trading higher by Rs 25, or 0.06 percent, at Rs 39,092 per 10 gram at 0910 hours.
Experts feel that Gold prices are likely to remain rangebound, and investors could use rallies to go short for a target of 38,900 in the short term.
MCX Gold is expected to hold 38800 and silver is expected to hold 46100 levels. Any downside correction towards 38880 would be an opportunity to buy gold again.
Experts are of the view that dips if any should be used to buy for a target of Rs 39200-39400 levels while Silver could extend rally towards 47100-47500 levels.
Experts are of the view that the trend in Gold prices is likely to remain on the upside and investors should use dips to buy with a target of Rs 39,100.
Experts are of the view that Gold prices are likely to stay in momentum till the time trade deal is signed by both the US and China, but some consolidation cannot be ruled out
Experts are of the view that if Gold price sustains above 38330 then the rally could extend towards 38,500 levels while on the downside a break below 38200 could take the metal towards 38,060 levels.
Experts are of the view that as long as Gold Futures hold above 38,050, the yellow metal could head towards 38,200, but a break below this support could trigger some profit-taking.
Both gold and silver should be able to hold on to their crucial support levels, and dips, if any, should be used to buy, says experts.
Gold is likely to trade in a range and a breakout above Rs 38,050 can add to further momentum, while a breach of Rs 37,720 will pile selling pressure.