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Buy Gold on dips for target of Rs 49,300 – Gold trades in red today

A muted trend is seen in the international spot prices. The Indian Gold MCX February futures traded flat with a negative fatal unfairness.

The precious metal has stumbled below 49,000. The February gold contracts were trading below by 0.58 percent at Rs 48,856 per 10 grams on MCX.

Apparently, the white metal or the silver was also trading at Rs 66,156 per kilograms. The March silver slipped lower by 0.57 percent.

However, both the metals traded at a balanced position on Tuesday in the international markets. The gold February futures closed at $1850.90 per troy ounce, somewhat on an ailing note.

On the other hand, the March silver contracts too closed at $25.54 per troy ounce in the international markets.

Experts believe that, both the metals can however get supported if the market witness any weakness in the dollar value.

Gold has however, still support in the range of Rs 48,920-48,000 and it still has a resistance at Rs 49,330-49,580. Coming on silver, silver too has a resistance at Rs 67,100-67,800 levels and support of Rs 65,900-65,500.

Even though the prices have slipped down, but buying can be possible in this scenario as well. The dip can be used for a target of Rs 49,300 levels for a good return in the near future.

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