Web Stories Thursday, May 23
Amid safe haven buying in bullion due to rising geopolitical tensions, gold June futures on MCX rose Rs 642 or 0.89% to trade at Rs 72,919 per 10 grams on Tuesday while MCX May silver contracts gained Rs 334 or 0.4% to Rs 84,185 per kg.

On Monday, gold and silver settled on a positive note in the international markets. Domestic markets also settled on a firm footing.

Gold June futures ended last session at Rs 72,277 per 10 grams with a gain of 0.60% and Silver May futures settled at Rs 83,851 per kilogram with a gain of 1.25%.

Precious metals gained once again despite strength in the dollar index. Israel-Iran tensions increased fear among global investors and they reduced positions from riskier assets and shifting into safe-haven assets. Global equity markets were also negative and supported gold and silver.

In the U.S. markets, June delivery for Gold rose $8.90 to $2,383 per ounce and for May delivery for silver rose 39 cents to $28.72 per ounce in last session.

Today, the US Dollar Index, DXY, was hovering near the 106.34 mark, rising 0.13 or 0.12%.Manoj Kumar Jain of Prithvifinmart Commodity Research said gold and silver prices are expected to remain volatile this week amid volatility in the dollar index and geo-political tensions.“Gold and silver could hold their support levels of $2310 and $27.00 per troy ounce respectively on a weekly closing basis. Gold has support at $2364-2350, while resistance at $2400-2420 per troy ounce silver has support at $28.40-28.00 and resistance is at $29.05-29.40 per troy ounce in today’s session,” added Manoj Kumar Jain.

At MCX, gold has support at Rs 71850-71500 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 84000 with a stop loss of 83300 for the target of 85400.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)


Leave A Reply

© 2024 Wuulu. All Rights Reserved.