He further noted that volatility in precious metals is expected to persist through the week, driven by movements in the dollar index, fluctuations in crude oil prices, and the release of minutes from the upcoming US Federal Reserve meeting. For gold, support is placed in the $4,664–$4,615 range, with resistance seen between $4,840 and $4,910 per troy ounce. Silver, on the other hand, has support between $69.10 and $66.60, while resistance is expected in the $76.00–$80.00 range for the day.
On the MCX, Jain said gold is likely to find support between Rs 1,48,500 and Rs 1,47,200, while resistance may emerge in the Rs 1,53,350–Rs 1,55,000 band. For silver, support is seen at Rs 2,27,700–Rs 2,24,000, with resistance levels at Rs 2,36,650–Rs 2,44,000.
In terms of trading strategy, he advised buying gold above Rs 1,51,100 with a stop loss below Rs 1,48,500, targeting Rs 1,55,000–Rs 1,56,600. For silver, he recommended buying above Rs 2,36,000 with a stop loss below Rs 2,30,000, aiming for Rs 2,42,000–Rs 2,45,000.
Leave a Reply