Below is the views on Sharp appreciation in Indian Rupee may put pressure on Gold and Silver so as of today By Anuj Gupta, Angel Broking
“On Wednesday, Spot Gold prices ended higher by 0.81 percent to close at $1946.7 per tone and Spot silver prices gained 1.20 percent to close at $27.0 per ounce as escalating tension between U.S. & China amid rising number of infections around the globe dented the hopes of a paced economic recovery. However, recovery in the U.S. Dollar made Gold over rising demand from banks and encouraging U.S. employment data made Gold expensive for other currency holders. U.S. Federal Reserve’s officials signaled towards a prolonged lower interest environment and more stimulus measures in the coming months to help the economy get back on track. The ECB’s monetary policy due later this week will be a matter of attraction as investors will look for cues on policymaker’s stance on the coming time considering the soaring Euro. On MCX Gold was closed at 51402 levels and Silver closed at 68443 levels.
Sharp appreciation in Indian Rupee may put pressure on Gold and Silver so as of today, traders can go for sell in gold at Rs 51,600 levels with the stop loss of Rs 52,100 levels for the target of 50,600 levels. They can also go for sell in Silver at Rs 69,000 levels, with the stop loss of 70,500 levels and for the target of 67,000 levels. In the Bullion index “Bulldex” traders can also go for sell at 16200 with the stop loss of 16350 and for the target of 15900.”
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