Gold prices slipped on Tuesday led by some recovery in the dollar index. The MCX June Gold futures were trading at Rs 60,951 per 10 grams in the opening trade, down Rs 76 or 0.12%. Meanwhile, July Silver futures retreated Rs 152 or 0.21% to trade at Rs 73,250 per kg.
The DXY was trading at 102.40 on Tuesday and narrowed its losses to 0.04% after slipping more than 0.26% on Monday.
On the Comex, gold was trading at $2,020.90 per troy ounce, down by $1.80 or 0.09%. Silver futures were trading at $24.205, declining by $0.086 or 0.350%.
The near to medium term outlook for bullion remains positive with the brewing of the US debt-ceiling crisis, said analysts.
While the June gold futures ended Monday at Rs 61,003, up by Rs 116 or 0.19%, the July Silver futures closed at Rs 73,367, higher by Rs 313 or 0.43%.
“We expect bias to remain positive on Gold on the back of safe haven buying as ongoing concern about the US debt-ceiling crisis. For the week Comex spot gold having resistances at $2035/$2060 per ounce and supports at $2010/$1980 per ounce,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities said.
“MCX Gold June future has support at Rs 60,525 – Rs 60,300 and resistances at Rs 61,400 – Rs 61,850,” Gandhi said.MCX Gold futures have gained 11% or Rs 6,048 on the year-to-date basis while 1.79% or by Rs 6,048 on the month-to-date basis, Anuj Gupta, Vice President (VP), Commodity and Currency Research at IIFL Securities said. As for silver futures, the YTD gains stood at 5.83% as of Monday closing price at Rs 4,045 while this precious metal has lost nearly 1% or Rs 740 in May.
Intraday Trading Strategy by Anuj Gupta
– Buy MCX June Gold futures at Rs 60,800 with a stop loss of Rs 60,550 and price target of Rs 61,400
– Buy MCX July Silver futures at Rs 72,500 with a stop loss of Rs 72,000 and price target of Rs 73.900.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)