On Monday, gold and silver settled on a positive note in the international markets. Domestic markets are also on solid footing.
June gold futures ended the last session at Rs 72,277 per 10 grams with a gain of 0.60% and May silver futures settled at Rs 83,851 per kilogram with a gain of 1.25%.
Precious metals rose again despite the strength of the dollar index. Tensions between Israel and Iran have increased fear among global investors and they have reduced their positions in riskier assets and shifted to safe haven assets. Global stock markets were also negative and supported gold and silver.
In U.S. markets, June gold deliveries rose $8.90 to $2,383 an ounce and May silver deliveries rose 39 cents to $28.72 an ounce during the last session.
Today, the US Dollar Index, DXY, was hovering near the 106.34 mark, up 0.13 or 0.12%. Manoj Kumar Jain of Prithvifinmart Commodity Research said gold and silver prices are likely to remain volatile this week due to volatility in the dollar index and geo-economic factors. political tensions. “Gold and silver could hold their support levels of $2,310 and $27.00 per troy ounce respectively on a weekly closing basis. Gold has support between $2,364 and $2,350, while resistance is between $2,400 and $2,420 per troy ounce, silver has support between $28.40 and $28.00, and resistance is between 29.05 and $29.40 per troy ounce during today’s session,” added Manoj Kumar Jain.
At MCX, gold has support at Rs71850-71500 and resistance at Rs72650-73100 while silver has support at Rs83100-82500 and resistance at Rs84600-85400.
Intraday Trading Strategy by Manoj Kumar Jain:
– Buy gold above 72300 with a stop loss of 71950 for the target of 73000.
– Buy silver above 84,000 with a stop loss of 83,300 for the target of 85,400.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
