On January 21, gold prices in international markets fell and were expected to rise for a second week in a row as investors turned to safe-haven assets while awaiting a signal of interest rate hikes at next week’s Federal Reserve meeting.
On the Multi Commodity Exchange (MCX), gold futures edged down 0.05% to 48,484 rupees on 10 grams at 9.21am, while silver futures were down 0.35% at 65,150 rupees a kilo.
Gold and silver showed high volatility on Thursday as the U.S. dollar index fluctuated. The two precious metals had mixed closing prices in international markets. The gold February futures contract closed at $1,842.60 per troy ounce, down 0.03%, and the silver March futures contract closed at $24.72 per troy ounce, or 2.01%. We expect gold and silver prices to remain positive and any corrective declines would be good buying opportunities at lower levels. According to Manoj Kumar Jain of Prithvi Finmart Commodity Research, support for gold is at $1830-1814/troy ounce, resistance at $1855-1870/troy ounce, while support for silver is at $24.40-24.20/troy ounce , resistance at 25.00-25.20 US dollars / troy ounce.
On MCX, gold has support at Rs 48,220-48,055 and resistance at Rs 48,550-48,770, while silver has support at Rs 64,900-64,500 and resistance at Rs 65,800-66,200. He added that we recommend buying gold on dips around Rs 48,250 with a stop loss of Rs 48,055 and a target of Rs 48,700.
Complete News Source : Money Control
