Gold Price Today: Gold Rates Slightly up at Rs 49,109. Should You Buy Gold Today?

Global Gold prices on November 22 showed signs of stability and recovery after hitting the lowest point in nearly weeks. The recovery in the metal’s prices was also helped by a retreating dollar. Gold contracts showed a 0.14 per cent improvement on the Multi Commodity Exchange and moved to Rs 49,109 for 10 grams at 9:45 am on November 22. The improvement also extended to silver futures that moved to Rs 66,619 after gaining 0.28 per cent

Gold prices showed correction after hitting a five-month high and recorded a level below $1,850 per troy ounce. The silver prices, meanwhile, went below $25 per troy ounce, once again. The global inflation and the effects of the COVID-19 pandemic, however, played a key role in supporting the metals’ prices at lower levels.

Speaking to Moneycontrol, Manoj Kumar Jain of the Prithvi Finmart Commodity Research said both gold and silver are likely to remain volatile this week and while gold is expected to maintain its crucial support of $1,820 per troy ounce, silver could also on to $24 per troy ounce.

Currently, Gold has support at $1834-1822 and resistance at $1,858-1872 per troy ounce whereas Silver has support at $24.40-24.20 and resistance is at $24.88-25.10 per troy ounce. AT MCX, hold has support at Rs 48,660-48,500 and resistance at Rs 49,055-49,280. Silver has support at Rs 65,220-64,700 and resistance at Rs 66,000-66,600. Speaking about the trading strategies, Jain said that buyers should look to buy gold on a dip at the Rs 48,6000 price point with a stop loss of Rs 48,330 for a target price of Rs 49,055.

Ravi Singh, Vice President & Head of Research at Share India said that gold prices have entered a rangebound zone in the last few trading session and should continue to remain in it in ack of fresh trigger this week. He expected the gold prices to trade between Rs 48,500 and Rs 49,300 with an upward bias. According to his assessment gold will have resistance near Rs 49, 500 level and any breakout above the Rs 49,500 price level will start a new trading territory in gold prices.

Singh suggested a Buy Zone for gold above Rs 48,950 with a target of Rs 49,300 and a sell zone below Rs 48,800 for a target of Rs 48,600.

Please note that the price points are recommendations based on individual assessment, so before investing your money in the market research the risks factors involved.

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