The gold trend is overall bullish until mid-August (14th August). Gold made a high of 2048 in the previous session while Silver made a high of 26.50. Today, it is nakshatra of Rahu and volatility may be observed.
After two hours, profit booking may be observed. Gold (Spot) has support at 2000. With S/L of 1990 (Spot), positional traders can long Gold around 2002 (Spot). Silver has support at 24.00. You can add long in Silver at lower level (25.00) with S/L 24. S/L for long position in Gold Dec contract will be 2010.
Traders with limited risk appetite should be extremely careful with their position as volatility is at its extreme right now. We have been bullish in precious metals from 28th June 2020.
MCX Gold has support at 54000-53800 while Silver has support at 68000.
Positional traders can accumulate a small quantity of Gold and Silver at lower levels.