Mr. Anuj Gupta - DVP - Commodities and Currencies Research, Angel Broking Ltd
On Tuesday, Spot gold ended lower 0.69 percent to close at $1899.3 per ounce as the U.S. Dollar appreciated to its highest is two months making the yellow metal expensive other currency holders. Meanwhile, no signs of further stimulus infusion by the U.S. policy makers to support the economy shackled by the pandemic further pressurized Gold prices. However, U.S. policy maker vowed to support the small businesses hit by the coronavirus-triggered slowdown. Markets will keep an eye on the U.S. Federal Reserves' official's assessment of the current scenario in the world's largest economy. The fall in Gold prices was limited as reinforcement of lockdown in the Eurozone reflecting the alarming increase in Covid-19 cases dampened hopes of economic recovery.
On Tuesday, Spot silver dipped over 1.2 percent to close at $24.4 per ounce while prices on the MCX ended lower by 0.17 percent closing at Rs.61213 per kg.
As for today traders can go for sell in gold at Rs 50,200 levels with the stop loss of Rs 50,550 levels for the target of 49,600 levels. They can also go for sell in Silver at Rs 61,000 levels, with the stop loss of 61,800 levels and for the target of 59,500 levels.