Weekly Outlook on Gold and Silver By Mr. Anuj Gupta, IIFL Securities
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Below are Views on Weekly Gold and Silver Outlook By Mr. Anuj Gupta, Vice President, IIFL Securities
As expected we have seen that gold and silver again rallied this week. MCX Gold breached the previous lifetime high of 56191 levels and made a new lifetime high of 56260 levels. In the international market it is trading at 9 month levels at $1913 levels. MCX Silver is at 9 month high levels at 69150 levels and on the international market it is trading at $24.22 levels.
After positive US CPI data signalled the slow increase in interest rates by the Federal reserve. Dollar index is also trading at 7 month low levels which is positive for the gold prices.
Technically the trend of gold and silver are positive as both are following higher top higher bottom formation. For the coming week gold has a strong support at 55700 ($1890) levels and then 55200 ($1850) levels while resistance at 56600 ($1930) levels and then 57000 ($1960) levels. Silver has a strong support at 67500 levels and then 66000 levels while resistance at 70500 levels and then 72000 levels.
Like Silver, copper prices rose slightly on Friday, but were set for a stellar week of gains after China recently reopened its international borders following three years of lockdowns.
We are recommending traders to buy in gold and silver on support levels as technical structure and fundamentals are showing optimism. We are expecting that gold may test 56500 ($1940) levels silver may test 70500 ($25.50) levels very soon.
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