Views on Gold by Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd
Below the Views on Gold by Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd.
Gold prices are likely to see extended corrective move as key chart supports are breached at $3190 in the international spot and Rs92000 on MCX. Prices decline remains supported by easing geo-political risk premium in the global market. Now, in the session ahead focus will be on Russia-Ukraine peace talks, U.S. data in retail sales, producer inflation, jobless claims and Fed chairman's speech.
On the charts, prices are likely to see resistance at $3195/ $3210, and downside support at $3120/$3070. On MCX resistance is seen at Rs. 92,350/ 92,600, and downside support at Rs. 90,500/ Rs. 89,700.
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