Quote on Weekly Gold & Silver levels & outlook by Anuj Gupta, HDFC Sescurities
Below the Quote on Weekly Gold & Silver levels & outlook by Anuj Gupta, HDFC Sescurities
Last week gold prices corrected by 1.85% and closed at 3335 levels. On MCX prices closed higher by 1.93% and closed at 99838 levels. Dollar index corrected by 0.43% and closed at 97.83 levels.
Last week meeting between Trump & Putin in Alaska was no result meeting but they expecting result may be come out in next meeting in MOSCOW.
For the next week we are expecting that gold may trade with sideways to negative due to expectation of positive outcome from trump & Putin next meeting in Moscow . For next week Gold has strong support at $3300 & than $3260 (99000 / 97800) levels. Resistance at $3380 & than $3420 levels (101800 / 103000) Recommending sell on rise strategy in the gold.
Silver prices corrected by 0.86% and closed at $37.98 levels. On MCX silver prices corrected by 0.82% and closed at 113943 levels. Silver support at $37 and than $36, (111500 / 110000) resistance at $49and than $42 (115500 / 117000).
Rupee depreciated by 0.05% and closed at 87.48 levels.
Nifty increased by 1.10% and closed at 24631 levels.
GST mentioned by Prime minister Modi in its Independence Day speech is positive for the market . He taking about give relaxation from GST in this festival season. He also mentioned many other plans for the growth of the economy.
This speech from the Red Fort on this Independence Day is looks like a growth plan amid uncertainty from Trump tariffs.
This speech is all about macro level growth of India and this will lead to the market with positive momentum’s.
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