MTECHTIPS

MTECHTIPS:-MCX Gold, Silver to be in red for Monday; US markets closed

Gold and Silver opened this morning on a negative note and is expected to trade in the negative territory for the entire session for the day.“For today US markets are closed on account of Columbus Day. So I also expect less volume and price movement in bullions.”However, the electronic trading is on, on the Globex platform of CME.“Techincally on daily charts Gold December contract is now having good support at Rs.31020 and resistance at Rs.31180 for the day. Meanwhile in Silver December contract is having support at Rs 61000 and Resistance at Rs 61800.” he addedTraders are advised to take a short sell position in MCX Gold December around Rs.31130 with stop loss of Rs.31200 for the target near Rs.31050. For MCX Silver December contract traders are advised to take a short sell position around Rs.61500 with stop loss of Rs.61800 for target near Rs.61200 and Rs.61000.Gold prices were trading flat on the Asian markets in the morning as dollar firmed up with investors speculating that the US job data may not be portraying a robust picture of the economy as previously thought. This caused a rush to secure greenback in droves.