Weekly Outlook on Gold and Silver By Mr. Anuj Gupta, HDFC Securities
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Below are Views on Weekly Gold and Silver Outlook By Mr. Anuj Gupta, Vice President, HDFC Securities
Last week we noticed a biggest move in gold. It increased almost 2537 points in a week 4.46% higher and closed at 59408 levels. In international market it is trading at $1933 per ounce.
Silver increased by 3117 point 4.57% higher and closed at 71287 levels. In international market it is trading at $22.70 per ounce.
As expected we sawca lower level recover in bullions. Major Support came from geo political tension war situation between Israel and hamas and which is escalating. Safe haven demand seen in yellow metals due to uncertainty. Crude oil prices are touching again $90 per barel. However dollar index is trading above 106 levels. FOMC may not increase interest rate and keep stable in the coming meeting due to uncertainty.
We are expecting that gold and silver may trade positive in the coming week.
Gold support at 58800 and 58300 levels, while resistance at 59800 abd 60500 levels. In international market strong Support at $1880 and resistance at $1960 levels.
Silver strong support at 70000 levels and then 68000 levels while resistance at 73000 leveks and 75500 levels.
In international market support at $21.80 levels and resistance at $23.50 and finally $25 levels.
We are advising trade can go for buy on dips strategy. Gold may test 60000 to 60500 ($1960 to $1980) levels. Silver may test 73000 to 75000 levels ($23.50 to $25) levels.
Above views are of the author and not of the website kindly read disclaimer
