On Tuesday, November 2, before the results of the Federal Reserve’s meeting, there was a weakness in the price of gold and silver, the price of gold and silver on MCX closed down significantly on the previous day. It is being told that due to the rise in the dollar index, the prices of gold and silver fell in the foreign market.
According to information, the US Federal Reserve may announce the timing of bond tapering, it is being told that interest rates can also be increased after the Federal Reserve meeting. If experts are to be believed, they say that if the Federal Reserve increases interest rates after starting bond tapering, then gold and silver prices will fall drastically. This can bring some relief to the common people of the lower level in the world.
According to Amit Sajeja, Vice President, Motilal Oswal, gold can be bought in today’s trade at a price of Rs 47,450 in December futures, after which it can achieve the target of Rs 47,950. On the other hand, silver can be bought at a price of Rs 62,800 to achieve the target of Rs 64,000 as per the December promise.
According to Commodity Market Expert Viresh Hiremath, in today’s trade, gold on MCX can get a goal of Rs 47,500 by selling gold at a price of Rs 47,700 as per December futures. A minimum stoploss of Rs 47,800 will be imposed for this gold contract. On the other hand silver can be sold at a price of Rs 63,300 to achieve the target of Rs 63,000 as per December promise. For this silver contract, a minimum stoploss of Rs 63,450 will have to be applied.
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According to Ajay Kedia, Managing Director, Kedia Advisory, a target of Rs 47,550 can be achieved by selling gold on MCX in December futures at a price of Rs 47,750. For this gold trade, a stoploss of Rs 47,950 will have to be set. On the other hand silver will get an opportunity to sell at least Rs 63,600 for the target of Rs 62,800 as per December futures. A stoploss of Rs 64,100 will be imposed for this silver trade.
According to Manoj Kumar Jain, Director, Prithvi Finmart Private Limited, according to the decision of the Federal Reserve coming today, the price of gold and silver will fluctuate. He told that if there is a fall in the price of gold and silver, then it will be a good opportunity to buy it.
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