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Gold Prices Today: Yellow metal likely to be range-bound at Rs 47,700-48,200; buy on dips

Moneycontrol logo Moneycontrol 02-12-2021 Sandip Das
a display in a store: Gold Prices Today: Yellow metal likely to be range-bound at Rs 47,700-48,200; buy on dips © Ashwin Mohan Gold Prices Today: Yellow metal likely to be range-bound at Rs 47,700-48,200; buy on dips

A strengthening dollar left gold a little dimmed on December 2, as investors assessed how the central banks would respond to a surging inflation and concerns over economic growth, spurred by the threat of omicron coronavirus.

On the Multi-Commodity Exchange (MCX), the gold contracts were up 0.43 percent to Rs 47,783 for 10 grams at 9.51am on December 2. Silver futures fell 1.12 percent to Rs 60,772 a kilogram.

Gold and silver showed mixed trend on Wednesday. Both the precious metals settled on a mixed note in the international markets. Gold February futures contract settled at $1,784.30 per troy ounce with a gain of 0.44 percent and silver March futures contract settled at $22.34 per troy ounce with a loss of 2.08 percent. This week’s US job report will give further directions to precious metals, said Manoj Kumar Jain of Prithvi Finmart Commodity Research.

Gold has support at $1,772-1,758 per troy ounce and resistance at $1,796-1,810 per troy ounce, while silver has support at $22.10-21.84 per troy ounce and resistance at $22.55-23.00 per troy ounce. At MCX, gold has support at Rs 47,700-47,480 and resistance at Rs 48,055-48,300, while silver has support at Rs 60,900-60,500 and resistance at Rs 61,660-62,220.

“We suggest buying gold around Rs 47,700 with a stop loss at Rs 47,480 for target of Rs 48,055,” he said.

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Trading Strategy

Ravi Singh, Vice-President & Head of Research, ShareIndia

Gold retreated after the testimony of Fed Chair Jerome Powell before the US Senate Banking Committee said the Fed is likely to discuss speeding up its tapering of large-scale bond purchases at its next meeting. Powell’s comments also helped firm up the dollar, further weighing on gold as it increases the metal’s cost to buyers holding other currencies. We expect gold to trade sideways in the range of Rs 47,700-48,200 this week.

Buy zone above - Rs 48,000 for target of Rs 48,300

Sell zone below - Rs 47,700 for target of Rs 47,500

Amit Khare, AVP- Research Commodities, Ganganagar Commodity

We see huge volatility in bullions and this may continue through December. The current levels are the best prices for short-term investors. As per technical chart, overall structure of gold and silver looks positive, momentum indicator RSI also indicates the same on the hourly chart and trading at oversold zone. So, short-term investors are advised to create fresh longs in small dips near given support levels, traders should focus important technical levels.

February Gold closing price Rs 47,875, Support 1 - Rs 47,650, Support 2 - Rs 47,500, Resistance 1 - Rs 48,100, Resistance 2 - Rs 48,370.

March Silver closing price Rs 61,307, Support 1 - Rs 60,800, Support 2 - Rs 60,400, Resistance 1 - Rs 61,725, Resistance 2 - Rs 62,225.

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their 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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