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Gold Price Today: WEAKNESS in bullion; here is strategy, right levels to trade intraday for gains

Gold and Silver futures were trading in the red at around 4:45 pm on Monday on the MCX. While August Gold Futures were cheaper by Rs 75 while the September Silver Futures were down by Rs 539 around this time. Expert Anuj Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities sees weakness in the gold and silver futures on the intraday basis. 

He said that the price correction could go down further in Gold and Silver futures. His strategy for intraday traders is of Sell.     

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MCX August Gold Futures were trading at Rs 47,978 per 10 gm on Monday around this time, getting cheaper by Rs 75 or 0.45 per cent from the last closing price on Friday. His strategy for Monday is to Sell at Rs 48,100. He puts the stop loss at Rs 48,250. He puts the target price at Rs 47,700.    

Meanwhile, MCX September Silver Futures were trading at Rs 68,121 per kg on Monday around this time, down by Rs 539 or 0.79 per cent from the last closing price on Friday. He recommended Selling at Rs 68,200. He puts the stop loss at Rs 68,500 while the target price at Rs 67,200.  

The international prices of gold and silver also slipped on Monday with Gold Futures trading around USD 1805 while the Silver Futures at USD 25.50. Gupta said that the prices could further fall down to USD 1798 while that of Silver to USD 25.  

Gupta said that the price in physical markets have not changed materially. The price of Gold is around Rs 48,000 per 10 gram while that of Silver is around Rs 70,000.    

As for prices in Dubai, 24k Gold was trading at AED 218.50 (4,440.09 Indian Rupee) per gram while 22k was trading at AED 205.25 (4,170.22 Indian Rupee). This information has been sourced from Dubai Gold & Jewellery Group (DGJG) website. The website claims DGJG to be the largest trade body for Dubai’s jewellery industry (DGJG).