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- Gold, Silver may trade weak; Crude Oil to remain stable
- Exchange-traded products in gold -- investment vehicles that give investors exposure to bullion through issuing securities backed by the physical metal -- have seen huge outflows this year.
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Gold prices opened on a flat but positive note on Monday in the domestic front as well as on the Comex. Depreciation in Indian rupees against US Dollar helped prices trade higher. Prices may trade sideways to negative for the day.
On daily charts, gold for February delivery looks negative and the best strategy for intra-day traders is to sell on rise.
Gold April futures have a crucial resistance at 31050 and support at 30800. If gold prices today sustain below 30800, then it may move further down and touch 30600 levels.
Intra-day traders are advised to take a short sell position in gold April futures around 30960 with stop loss of 31050 and wait for the target near 30820.
Short to medium term outlook
Gold for April delivery is having a very crucial support level at 30800 and resistance at 31450 levels.
For short term, next downside momentum is expected in gold prices if it sustains and closes below 30800. If gold prices sustain below 30800 then it may touch 30450 levels in coming session.
Short term traders are advised to take a fresh short sell position below 30800 with stop loss of 30950 and wait for the target near 30450.
Comex gold for April delivery was seen trading at $1660.45/oz a gain of $1.65 or 0.10%. On India's MCX, gold for delivery on February 5 was spotted trading at Rs.30350/ 10 grams a gain of 0.06%. (Ankush Kumar Jain is Research Anlayst, Commodity Online)
Reach Commodity Online at its phone number: 079 40275050
