Gold was trading flat with a negative bias in Indian markets on November 27, tracking muted trend in the international spot prices. On the Multi-Commodity Exchange (MCX), December gold contracts were trading lower by 0.05 percent at Rs 48,492 per 10 gram at 0920 hours. December silver was trading 0.4 percent lower at Rs 59,608 per kg.
Investors can look at buying the dip towards Rs 48,400 for an upside target of Rs 48,800 per 10 gm, experts say.
Gold and silver ended flat the previous day as markets were closed in the US for Thanksgiving Day. December gold futures contract settled at $1805.50 per troy ounce with a minor loss while silver settled at $23.36 per troy ounce.
Domestic markets settled on a positive note. Both the metals found support at lower levels from the weakness in the dollar index. The dollar index was trading near the crucial support of 92 and if it closes below the mark on a weekly closing basis could further support prices of precious metals, experts say.
On MCX, gold has support at 48,330-48,200 and resistance at 48,680-48,800. Silver's support is at 59,500-59,200 and resistance at 60,300-60,800, he said.
Jain suggests buying gold on dips around 48,400 with a stop loss of 48,200 for the target of 48,800 levels.
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