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Published on 9/07/2022 11:06:10 AM | Source: IIFL securities Ltd

Weekly Bullions Outlook : Gold has strong support at 50200 ($1710) and than 49500 ($1650) levels By Mr. Anuj Gupta, IIFL Securities

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Weekly Bullions Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities

Last week we have seen the Mcx gold corrected by -2.19% and closed at 50779 levels. International Gold corrected by 3.77% and closed at $1741 levels

Mcx Silver prices corrected by 1.79% and closed at 57131 levels, and in international market it corrected by 2.91% and closed at $19.29 levels

Strength in dollar fade out the safe haven demand if yellow metals. Dollar index touched 20 yr high level of 107.48 levels.

Lower global growth projection and fear of recession put pressure on bullions as fresh investment demand not seeing for the yellow metals.

For the next week we are expecting it may trade further with negative bias.

Gold has strong support at 50200 ($1710) and than 49500 ($1650) levels.

Resistance at 51400 ($1770) & 52000 ($1820) levels.
 

Silver support at 55000 ($18) and than 52000 ($16) levels

Resistance at 59500 ($20) and 62000 ($22) levels

We are recommending sell on rise as it breached strong support levels on the chart and all technical and fundamental indicators are showing negative bias in the counter.

For trading perspective traders can go for sell in gold at 51000 With the stoploss of 51400 for the target of 50200 levels. They can also go for sell in silver at 58500 levels with the stoploss of 59500 levels for the target of 56000 and 55000 levels.

 

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