Weekly Oulook : Gold, Silver By Anuj Gupta, IIFL Securities
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Gold / Silver
Last week we saw gold prices corrected by 1.67% in international market and on mcx it also corrected by 0.83% and closed at 60390 levels. Silver price also down by 0.49% while on mcx it increased by 0.34% and closed at 73350 levels.
We have due to the step taken by RBI on Rs 2000/- currecny, the price of gold and silver on mcx increased by rs694 per 10 grams and rs1225 per kg respectively in the last trading trading of the week.
However due to strength in dollar we saw a correction in gold prices in international market, but weakness in rupee was supported for the gold and silver in domesctic market. Rupee depreciated by 0.68% in last week and trading at 9 week's lower levels at 82.7950.
For the coming week gold may found support at 59500 levels ($1960) and then strong support at 59000 ($1935), while resistance at 60800 ($1990) and then strong resistance at 61300 ($2010) levels. Silver has immediate support at 71500 ($23) and then strong support at 70000 ($22) while resistane at 75000 ($24.50) and then stron resistance at 76500 ($25.50) levels.
We are expecting sideways to positive movement may seen and it is advisasble to buy in gold and silver on lower levels.
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