Weekly Outlook on Gold and Silver By Mr. Anuj Gupta, IIFL Securities
Below are Views on Weekly Gold, Silver By Mr. Anuj Gupta, Vice President, IIFL Securities
On the back of weakness in dollar all commodity market increased sharply.
Safe haven demand against the dollar seen in the bullions.
Last week gold increased by 0.92% and closed at 3 week's high level at 59,334 levels. Silver increased by 6.53% and closed two month high of 75,990 levels.
The trend of gold and silver are positive.
inflation data over the past three days suggested the Federal Reserve might step back sooner than expected from using its rate cudgel, gold also taking positive cues from higher oil prices. Silver rallied as it is takes its cue from gold.
For the next week gold Support at 59000 and then 58900-59000 levels while resistance at 60000 and 60800 levels. One can buy gold around 58800 to 59000 with the stoploss of 58500 fir the target of 60000 to 60200 levels. Internationally it may test $1980 to $1990 levels
Silver Support at 73800 and 72000 levels while resistance at 77000 and the 79000 levels. Traders can buy Silver around 74000 to 74500 with the stoploss of 72500 for the target of 77000 to 78000 levels . In international market it may test $26 levels.
Broadly we are maintaining target in Gold 63000 to 64000 levels and Silver 83000 to 85000 levels till Diwali 2023 or year end.
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