Yellow metal sees range bound trading ahead of US payroll data; buy MCX Gold, Silver futures, says analyst

MCX Gold and Silver Futures are expected to trade in a range-bound manner over the remaining trading session. All through the day, the bullion futures were stuck in a tight range as investors brace-up for the US non-farm pay roll data, expected later today. A favorable outcome would support US Dollar impacting precious metals, adversely, a Motilal Oswal report noted.

MCX December Gold futures have support in the range between Rs 51650 and Rs 51450 per 10 gram whereas resistance is seen between Rs 52200 and Rs 52400, the report said. International spot Gold price has support at USD 1700-1685 while resistance at USD 1730-1745.

Around 6 pm on Friday, the December Gold futures were trading at Rs 51926, and were down by Rs 46 or 0.09 per cent from the Thursday closing price.

Commodity and currency analyst Anuj Gupta recommends a buy on yellow metal futures at Rs 51700 with a stop loss of Rs 51450 and price target of Rs 52500.

As for December Silver Futures, the movement is expected to be in a range. Support is seen at Rs 61450-61250 while resistance is seen at Rs 62100-62400, the Motilal Oswal report further said. Support for spot silver is seen at USD 20.45-20.20 whereas resistance is seen at USD 20.90-21.15.

The December Silver futures were trading at 61571 per kg and were up by Rs 225 or 0.37 per cent. Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities recommends a buy at Rs 61000 with a stop loss of Rs 60450 and price target of Rs 62300.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)

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