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Gold price today: Yellow metal slides below Rs 46,900 mark. Time to take positions?

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MCX gold and silver futures declined as the dollar strengthened, making the metals less attractive for holders of other currencies.

Gold price today: Yellow metal slides below Rs 46,900 mark. Time to take positions?
Domestic gold prices moved lower on Thursday as the global benchmark held near a two-week low and the dollar rose, making the yellow metal less attractive for those holding other currencies.
At noon, Multi Commodity Exchange (MCX) gold futures for October delivery traded with a loss of Rs 156 or 0.3 percent at Rs 46,882 per 10 grams compared with their previous close of Rs 47,038 per 10 grams. MCX silver December futures were at Rs 63,734 per kilogram, down by Rs 449 or 0.7 percent compared with the previous close. 
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Globally, gold prices held near two-week lows, pressured by a stronger US dollar. Spot gold was nearly unchanged at $1,789 per ounce, a day after hitting the lowest level recorded since August 26. US gold futures were down 0.1 percent at $1,791.
Silver was down 0.1 percent at $24 per ounce.
All eyes were on updates from the European Central Bank's policy meeting due later in the day. The decision is due at 5:15 pm. The central bank is widely expected to take a token step towards unwinding the pandemic-era emergency economic aid.
The dollar index - which gauges the strength in the greenback against six other currencies - edged higher to 92.71 from its previous close of 92.65. The greenback was buoyed by cautious risk sentiment.
Meanwhile, the rupee declined by 25 paise to 73.85 against the dollar on Thursday. It is down one percent on a year-to-date basis thanks to recent appreciation.
Manoj Kumar Jain, Director-Head of Commodity Research, Prithvi Finmart,  said the strength in the dollar could restrict gains in bullion prices in the short term.
Jain sees support for MCX gold futures at Rs 46,850-46,660 levels and resistance at Rs 47,240-47,500. For the white metal, he has pegged support at Rs 63,800-63,300 and resistance at Rs 64,700-65,100.
According to Sandeep Matta, Founder of TRADEIT Investment Advisor, negative jobs data from the US coupled with the resurgence of Covid cases will be a short-term negative for the gold. He suggests investors avoid taking long positions in the yellow metal until the US benchmark hits and sustains the $1,840 per ounce level.
Time to take positions?
Matta advises traders to take positive bets. He sees Rs 46,975 as a key level for gold futures and suggests a buy zone above Rs 47,000 for a target of Rs 47,150-47,300. He suggests selling below the Rs 46,960 mark for a target of Rs 46,804-46,736.
Jain recommends buying gold futures around Rs 47,220 for a target of Rs 46,800 with a stop loss at Rs 47,440.